关键词：茧丝绸行业产业链、茧丝绸行业营业收入、茧丝绸细分产品营收增幅、茧丝绸行业产量、茧丝 绸市场竞争格局、茧丝绸行业发展前景 一、茧丝绸行业特点及类别 茧丝绸行业是指以桑蚕茧（或柞蚕茧）为主要原料，围绕蚕桑养殖、蚕茧收烘、生丝及丝绵加工、绸缎 织造、丝绸制品（含服装、家纺、饰品等）生产与销售等等一系列环节，最终生产出丝绸制品的完整产 业链。茧丝绸行业属于纺织工业的重要分支，兼具农业属性、工业属性和文化属性的中国特色产业。茧 丝绸行业具有劳动密集型、资源依赖性、高附加值、文化属性强等特点。 内容概要：中国是世界丝绸的发源地，栽桑养蚕、缫丝织绸在我国有着5000多年的悠久历史，孕育了源 远流长、博大精深的中国桑蚕丝绸文化。近年来，我国桑蚕茧丝绸行业取得了快速发展，已成为世界茧 丝绸生产第一大国。随着国家"一带一路"的深入推进，桑蚕茧丝绸产业作为我国传统民族产业、文化产 业、时尚产业和重要民生产业，在促进经济发展、美化人民生活、增强文化自信、建设生态文明、促进 国际交流与合作等方面发挥着重要的作用。2024年我国规模以上丝绸企业营业收入765.85亿元，较2023 年增加118.29亿元。国内丝纺织行业主要包括缫 ...

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2024, was HKD 91.7 million[10]. - The group's revenue for 2024 was HKD 3,337 million, showing a decrease from HKD 3,515 million in 2023[23]. - In 2024, the company's revenue reached HKD 3.337 billion, a slight increase from HKD 3.307 billion in 2023, with a gross profit of HKD 645.7 million and a gross margin of 19.3%[29]. - The profit for 2024 was HKD 95.9 million, down from HKD 112.8 million in 2023[29]. - Revenue from the Chinese market was HKD 1.935 billion, accounting for 58.0% of total revenue, while sales in the US and Europe were HKD 833 million, representing 25.0%[29]. - The company's administrative expenses as a percentage of total revenue decreased to 8.6% in 2024 from 9.0% in 2023, and sales and distribution expenses decreased to 6.1% from 6.7%[32]. - Financial expenses decreased from HKD 80.7 million in 2023 to HKD 72.9 million in 2024, primarily due to reduced bank loan and overdraft interest[33]. - The earnings per share for 2024 were HKD 0.30, down from HKD 0.37 in 2023, while the net asset value per share remained stable at HKD 10.11[33]. Sustainability and Development - The company is focusing on sustainable product development and has invested in R&D to achieve significant carbon reduction through innovative materials[11]. - The company has integrated environmental practices into its business model, achieving multiple international certifications and awards for its green supply chain initiatives[27]. - The company continues to focus on sustainable development and digital transformation to enhance operational efficiency and customer value[37]. - The company integrates sustainability goals into its business strategy, promoting environmental protection and community support[115]. Corporate Governance - The company has independent directors with diverse backgrounds, including finance, law enforcement, and academia, enhancing its governance structure[57]. - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[117]. - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience[149]. - The board's independence is ensured through various policies, and all independent non-executive directors have submitted annual independence confirmations[122]. - The company has established a nomination policy to enhance board diversity and ensure effective succession planning[144]. Financial Position and Ratios - The current ratio is 1.2, and the ratio of non-current liabilities to shareholders' equity is 40.2%[13]. - As of December 31, 2024, the ratio of non-current liabilities to shareholders' equity was 40.2%, up from 36.9% as of December 31, 2023[41]. - The current ratio improved to 1.2 as of December 31, 2024, compared to 1.1 a year earlier, indicating a solid capital base[41]. - The total cash and cash equivalents, short-term deposits, and other financial assets amounted to HKD 593.8 million as of December 31, 2024, down from HKD 875.4 million a year earlier[39]. Shareholder Communication and Dividends - The company declared an interim dividend of HKD 0.035 per share on October 4, 2024, and does not recommend a final dividend for the year ending December 31, 2024, compared to HKD 0.12 per share in 2023[63]. - The board will review the dividend policy periodically, considering factors such as financial performance and future business needs[66]. - The company emphasizes the importance of communication with shareholders to enhance their understanding of the group's prospects and operations[179]. - The board reviews the shareholder communication policy annually to ensure its effectiveness and appropriateness[186]. Risk Management and Internal Controls - The company has established a robust risk management and internal control system, with no significant issues identified during the year, although areas for improvement remain[165]. - The internal audit department has confirmed that the internal control system is operating effectively, with no significant deficiencies found during the audit process for the year ending December 31, 2024[174]. - The board reviews the effectiveness of the internal control system annually, ensuring it encompasses financial, operational, and compliance controls[165]. - The company has implemented procedures for ongoing identification, assessment, and management of significant risks faced by the group[166]. Investments and Capital Expenditures - Capital expenditures for 2024 totaled HKD 94.8 million, an increase from HKD 81.6 million in 2023, focusing on manufacturing capacity and environmental infrastructure[44]. - The company has capital commitments for property, plant, and equipment amounting to HKD 394.4 million as of December 31, 2024, compared to HKD 375.7 million in 2023[45]. - The group has pledged properties, plants, and equipment valued at HKD 33.1 million and investment properties at HKD 18.677 billion for bank borrowings[43]. Audit and Compliance - The consolidated financial statements for the year ended December 31, 2024, were audited by Deloitte[108]. - The audit opinion confirms that the financial statements are free from material misstatement due to fraud or error[198]. - The independent auditor has assessed the qualifications and objectivity of the valuation experts involved in the investment property valuation[193]. - The company’s financial reporting complies with the disclosure requirements of the Hong Kong Companies Ordinance[188]. Employee and Workforce Management - The workforce remained stable at approximately 5,000 employees as of December 31, 2024, with a focus on training and competitive compensation[47]. - The company encourages a culture of selflessness and prioritizes employee welfare and growth through extensive training opportunities[112]. - All directors participated in continuous professional development, covering topics such as ESG trends, financial reporting, and compliance regulations[159]. Strategic Initiatives - The establishment of the "Rui Chuang World Qianjiang Technology Industrial Park" is expected to provide stable cash flow and enhance the core fashion business through cross-industry collaboration[14]. - The company is enhancing its global supply chain network and promoting digital transformation in fashion manufacturing to improve operational efficiency[12]. - Strategic investments include advanced automation and smart manufacturing systems, aligning with commitments to sustainable manufacturing and digital transformation[44].

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 3,336,832,000, an increase from HKD 3,306,882,000 in 2023, representing a growth of approximately 0.9%[7] - The net profit attributable to shareholders for the year was HKD 91,681,000, down from HKD 113,662,000 in 2023, indicating a decrease of about 19.4%[8] - Basic earnings per share for the year were HKD 0.30, compared to HKD 0.37 in the previous year, reflecting a decline of approximately 18.9%[8] - The operating profit margin decreased, with operating profit at HKD 112,772,000, down from HKD 142,245,000 in 2023, a decline of about 20.7%[7] - The total comprehensive income for the year was HKD 44,151,000, a significant increase from HKD 3,654,000 in 2023[8] - The profit attributable to shareholders for 2024 was HKD 91,681,000, down from HKD 113,662,000 in 2023, indicating a decrease of 19.4%[25] - In 2024, the company's revenue reached HKD 3.337 billion, a slight increase from HKD 3.307 billion in 2023, with a gross profit of HKD 645.7 million and a gross margin of 19.3%[33] Revenue Breakdown - Revenue from garment manufacturing and trading was HKD 3,219,982,000, up from HKD 3,189,702,000 in the previous year, indicating a growth of about 0.9%[16] - Revenue from the Chinese market was HKD 1.935 billion, accounting for 58.0% of total revenue, while sales in the US and Europe amounted to HKD 833 million, representing 25.0% of total revenue[33] - The apparel manufacturing and trading segment generated revenue of HKD 3.220 billion in 2024, with a profit contribution of HKD 144.5 million[35] - The property investment and development segment reported revenue of HKD 116.9 million in 2024, with a profit contribution of HKD 19.0 million[37] Expenses and Costs - The cost of goods sold for 2024 was HKD 2,535,506,000, compared to HKD 2,461,803,000 in 2023, reflecting an increase of 3%[24] - Interest expenses totaled HKD 76,756,000 in 2024, down from HKD 86,545,000 in 2023, showing a reduction of 11.3%[23] - The total financial costs for 2024 were HKD 80,706,000, a decrease from HKD 86,545,000 in 2023, indicating a reduction of 6.5%[23] - The company's administrative expenses as a percentage of total revenue decreased to 8.6% in 2024 from 9.0% in 2023, while sales and distribution expenses decreased to 6.1% from 6.7%[34] Assets and Liabilities - The net asset value decreased slightly to HKD 3,091,058,000 in 2024 from HKD 3,094,277,000 in 2023, a decline of approximately 0.1%[10] - The total non-current assets amounted to HKD 4,012,922,000 in 2024, a decrease from HKD 4,053,307,000 in 2023, representing a decline of about 1%[9] - Cash and cash equivalents decreased significantly to HKD 333,643,000 from HKD 557,722,000, a drop of approximately 40.2%[9] - The company's total liabilities decreased to HKD 1,251,688,000 in 2024 from HKD 1,152,286,000 in 2023, indicating a reduction of about 8.6%[10] - The company's bank loans decreased to HKD 763,863,000 in 2024 from HKD 900,107,000 in 2023, a reduction of approximately 15.1%[9] - The non-current liabilities to shareholders' equity ratio increased to 40.2% as of December 31, 2024, compared to 36.9% as of December 31, 2023, indicating a shift in capital structure[40] Investments and Development - The company is focusing on sustainable product development and has invested in R&D to achieve significant carbon reduction in its products[4] - The establishment of the "Rui Chuang World Qianjiang Technology Industrial Park" marks a significant milestone, expected to enhance cash flow stability and foster innovation across industries[6] - The company continues to invest in AI technology to optimize production processes and enhance supply chain integration, significantly improving operational agility and cost efficiency[31] - The company is committed to sustainable manufacturing practices, integrating eco-friendly materials and energy-saving processes into its business model[31] - The company has received multiple international certifications and industry awards for its green supply chain initiatives, enhancing its strategic partnerships with leading global brands[31] - The company aims to deepen its impact on sustainable development and strengthen its global presence in emerging markets through dynamic resource allocation and flexible strategic adjustments[32] Operational Efficiency - The company is enhancing its global supply chain network and digital transformation in fashion manufacturing to improve operational efficiency and strategic value[6] - The company has established a comprehensive reporting mechanism and complaint channels to ensure operational transparency and compliance with anti-corruption policies[40] - The company continues to monitor foreign currency risks, particularly related to RMB and USD, with a focus on mitigating risks associated with currency fluctuations[41] Employee and Dividend Information - The company has approximately 5,000 employees as of December 31, 2024, maintaining a focus on employee training and competitive compensation packages[46] - The company has decided not to declare a final dividend for the year, reflecting a cautious approach amid challenging market conditions[4] - The company did not recommend a final dividend for the year ending December 31, 2024, maintaining the interim dividend at HKD 0.035 per share[27] - The company did not declare a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.12 per share totaling HKD 36.674 million in 2023[48]

Financial Performance - Shareholders' profit for the first half of 2024 was HKD 53.3 million[2] - Basic earnings per share were HKD 0.17[3] - The group's revenue for the first half of 2024 increased by 1.9% to HKD 1.643 billion compared to HKD 1.612 billion in the same period of 2023[8] - Gross profit decreased by 0.2% to approximately HKD 338 million, with a gross margin of 20.6%, down from 21.0% in the previous year[8] - Profit for the first half of 2024 was HKD 53.1 million, a decrease from HKD 58.6 million in the same period of 2023[8] - Basic earnings per share decreased by 10.5% to HKD 0.17 from HKD 0.19 in the previous year[8] - The company's profit attributable to shareholders for the six months ended June 30, 2024, was HKD 53,305,000, a decrease of 8.8% compared to HKD 57,899,000 for the same period in 2023[45] Revenue Breakdown - Revenue from China accounted for 58.1% of total revenue, increasing by 6.3% to HKD 955.1 million[8] - Revenue from the US and Europe decreased to HKD 408.8 million, representing 24.9% of total revenue, down from 27.2%[8] - The apparel manufacturing and trading segment generated revenue of HKD 1.578 billion, an increase of 1.4% from HKD 1.556 billion in the previous year[10] - The property investment and development segment's revenue rose to HKD 65.5 million from HKD 56.7 million in the same period of 2023[11] - Revenue for the six months ended June 30, 2024, reached HKD 1,643,045,000, an increase from HKD 1,612,439,000 in the same period of 2023, representing a growth of approximately 1.9%[36] - Revenue from customer contracts in the apparel manufacturing and trading segment was HKD 1,577,545,000, compared to HKD 1,555,728,000 in the previous year, indicating a growth of about 1.4%[37] - Rental income recognized under HKFRS 16 for the six months was HKD 65,500,000, up from HKD 56,711,000, reflecting an increase of approximately 15.5%[36] Cash Flow and Liquidity - For the first half of 2024, the net cash outflow from operating activities was approximately HKD 45.2 million, yet the company maintains confidence in its liquidity and financing capabilities[15] - The net cash inflow from operating activities for the six months ended June 30, 2024, was a net outflow of HKD 45,158, a significant decrease from a net inflow of HKD 100,507 in the same period last year[30] - The company reported a net cash increase of HKD 112,144 for the six months ended June 30, 2024, compared to a minimal increase of HKD 557 in the previous year[31] Capital Structure - The ratio of non-current liabilities to shareholders' equity was 43.2%[2] - Bank loans increased from HKD 1,642 million as of December 31, 2023, to HKD 1,930 million as of June 30, 2024, primarily for property construction and fixed asset investments in mainland China[15] - The ratio of non-current liabilities to shareholders' equity rose to 43.2% as of June 30, 2024, compared to 36.9% as of December 31, 2023, indicating a shift in capital structure[15] - The total liabilities as of June 30, 2024, were HKD 1,337,757, an increase from HKD 1,152,286 in the previous year[27] - The company's total non-current liabilities increased to HKD 1,337,757 from HKD 1,152,286 year-on-year, indicating a rise in long-term obligations[27] Investments and Expenditures - Capital expenditures during the period amounted to approximately HKD 47.7 million, aimed at enhancing production efficiency and environmental equipment[19] - The company has capital commitments of HKD 267.6 million for property, machinery, and construction projects as of June 30, 2024[20] - The group is expanding its project in Hangzhou, aiming to attract high-tech talent to enhance innovation and provide stable cash flow[11] Corporate Governance and Shareholder Information - The company maintains compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[70] - Major shareholder Hinton Company Limited holds 170,867,620 shares, representing 55.91% of the company's issued capital[85] - The company’s major shareholder, Liang Shuk Ping, is considered to have an interest in 223,859,361 shares, accounting for 73.25% of the issued shares[85] - The issued share capital of the company as of June 30, 2024, is 305,615,420 shares[76] Sustainability and Strategic Focus - The company is focusing on sustainable development and integrating ESG into its business strategy[3] - The group is committed to sustainable development by integrating green technologies into production processes to reduce carbon emissions[10] - The company aims to strengthen its market competitiveness and risk resilience by expanding into emerging markets[7] Financial Reporting and Compliance - The company has applied revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the period[35] - The company has not engaged in any buybacks or sales of its listed securities during the six months ending June 30, 2024[72] - There were no transfers between Level 1, Level 2, and Level 3 financial assets and liabilities during the reporting period[65]

Financial Performance - Shareholders' profit for the six months ended June 30, 2024, was HKD 53.3 million, a decrease from HKD 57.9 million in the same period last year, representing a decline of approximately 4.5%[6] - Revenue for the six months ended June 30, 2024, was HKD 1,577.5 million, compared to HKD 1,555.7 million in the previous year, indicating a growth of about 1.4%[5] - The operating profit before tax for the period was HKD 67.3 million, up from HKD 60.9 million, reflecting an increase of approximately 10.5%[5] - Basic earnings per share for the period were HKD 0.1744, down from HKD 0.1895 in the previous year, a decrease of about 6.5%[6] - Profit before tax for the six months ended June 30, 2024, was HKD 67,348,000, compared to HKD 60,863,000 in 2023, showing an increase of 10.1%[16] - The company reported a net profit of HKD 14,267,000 for the six months ended June 30, 2024, compared to HKD 2,245,000 in 2023, reflecting a substantial increase[20] - The company's revenue for the first half of 2024 increased by 1.9% to HKD 1,643 million compared to HKD 1,612 million in the same period of 2023[30] - Gross profit decreased by 0.2% to approximately HKD 338 million, with a gross margin of 20.6%, down from 21.0% in the previous year[30] - Profit attributable to shareholders for the first half of 2024 was HKD 53.3 million, compared to HKD 57.9 million in the same period of 2023[22] Dividends - The interim dividend declared is HKD 0.035 per share[2] - The company declared an interim dividend of HKD 0.035 per share for the first half of 2024, consistent with the previous year's interim dividend[23] - The board declared an interim dividend of HKD 0.035 per share for the six months ended June 30, 2024, totaling approximately HKD 10.697 million[40] Assets and Liabilities - The current ratio stands at 1.1, while the ratio of non-current liabilities to shareholders' equity is 43.2%[2] - Non-current assets increased to HKD 4,112.4 million from HKD 4,053.3 million, showing a growth of approximately 1.5%[7] - Cash and cash equivalents rose to HKD 634.9 million, compared to HKD 557.7 million in the previous year, an increase of about 13.8%[7] - As of June 30, 2024, the net current assets increased to HKD 289,006,000 from HKD 193,256,000 as of December 31, 2023, representing a growth of 49.6%[8] - Total assets less current liabilities rose to HKD 4,401,397,000, up from HKD 4,246,563,000, indicating an increase of 3.6%[8] - The total accounts receivable as of June 30, 2024, was HKD 648.3 million, an increase from HKD 633.3 million at the end of 2023[26] - The total accounts payable as of June 30, 2024, was HKD 680.5 million, a slight decrease from HKD 695.8 million at the end of 2023[27] - Bank loans increased from HKD 1.642 billion as of December 31, 2023, to HKD 1.930 billion as of June 30, 2024, primarily used for property construction and fixed asset investments in mainland China[37] - The ratio of non-current liabilities to shareholders' equity rose to 43.2% as of June 30, 2024, compared to 36.9% as of December 31, 2023[37] Operational Highlights - The company continues to focus on product innovation and sustainable development, integrating ESG principles into its business strategy[2] - The company aims to strengthen its market position in emerging markets and enhance its competitive advantage through optimized production processes and supply chain management[3] - The company is focusing on digital transformation and sustainable development to enhance core competitiveness and improve operational efficiency[29] - The management is investing more resources in artificial intelligence technology to automate business processes and drive growth[29] - The company aims to expand its customer base and explore emerging markets while optimizing supply chain management for sustainability[29] - The group is actively integrating sustainable development concepts into its operations, focusing on reducing carbon emissions and enhancing operational efficiency[34] - The group aims to expand its market presence and reduce risks by exploring different geographical markets[31] - The group is committed to enhancing employee well-being and skills through various training and development programs[36] Legal and Compliance - The company is involved in a legal dispute regarding contract terms with a supplier, with a claim amount of RMB 7 million, but management believes they have a strong defense[28] Future Outlook - The interim report for the six months ended June 30, 2024, will be published by September 30, 2024[45]

Financial Performance - The group reported a profit attributable to shareholders of HKD 113.7 million for the year ended December 31, 2023[6]. - The group's revenue for 2023 decreased by 5.9% to HKD 3.37 billion compared to HKD 3.51 billion in 2022, while gross profit increased by 1.7% to HKD 690.22 million, resulting in a gross margin of 20.9%[20]. - The group's profit for 2023 was HKD 112.8 million, down from HKD 155.4 million in 2022, representing a decline of 27.4%[20]. - Basic earnings per share for 2023 were HKD 0.37, a decrease of 26.0% from HKD 0.50 at the end of 2022[21]. - Revenue from China in 2023 was HKD 1.95 billion, accounting for 58.8% of total revenue, a decrease of 4.7% from HKD 2.04 billion in 2022[20]. - The apparel manufacturing and trading segment generated revenue of HKD 3.19 billion in 2023, a decrease of 6.6% from HKD 3.42 billion in 2022, while profit increased by 1.7% to HKD 162.5 million[24]. - The property investment and development segment's revenue rose to HKD 117.18 million in 2023 from HKD 98.57 million in 2022, indicating a growth of 18.8%[25]. Dividends - The proposed final dividend is HKD 0.12 per share, with a total annual dividend of HKD 0.155 per share[6]. - The company declared an interim dividend of HKD 0.035 per share and proposed a final dividend of HKD 0.12 per share for the fiscal year ending December 31, 2023[65]. - The board of directors will consider various factors, including the company's financial performance and future funding needs, before declaring dividends[71]. - The company has a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[67]. - The company plans to hold its annual general meeting on June 3, 2024, where the proposed final dividend will be subject to shareholder approval[65]. Sustainability and Development - The group aims to enhance its sustainable development goals, focusing on carbon neutrality and raw material traceability[5]. - The company is committed to digital transformation in fashion manufacturing, enhancing operational efficiency and responsiveness[5]. - The group emphasizes product innovation and sustainable development as core strategies, integrating green practices throughout the supply chain[15]. - The group is committed to sustainable development, focusing on green supply chains and reducing carbon emissions through innovative technologies and practices[27]. - The company actively integrates sustainability goals into its business strategy and promotes environmental protection initiatives[124]. Market Presence and Strategy - The group is actively expanding its market presence to reduce risks and enhance sales networks, particularly in Southeast Asia, where revenue contribution increased to 15.8% from 12.0% in 2022[20]. - The company plans to continue optimizing its enterprise portfolio to create innovative collaborative projects with quality partners[16]. - The company is focused on maintaining liquidity and managing retained earnings for future growth opportunities[71]. Financial Position and Liabilities - The non-current liabilities to shareholders' equity ratio stands at 36.9%, with a current ratio of 1.1[6]. - As of December 31, 2023, the total cash and cash equivalents, short-term bank deposits, and other financial assets at fair value amounted to HKD 875.4 million, down from HKD 1,065.2 million as of December 31, 2022[31]. - Bank loans decreased from HKD 1,730 million as of December 31, 2022, to HKD 1,642 million as of December 31, 2023, primarily used for property construction and fixed asset investments in mainland China[31]. - The ratio of non-current liabilities to shareholders' equity improved to 36.9% from 50.2% year-over-year, indicating a stronger capital structure[31]. - Net cash inflow from operating activities for 2023 was approximately HKD 276.2 million, attributed to an increase in operating profit[31]. Corporate Governance - The company has a strong management team with extensive experience in marketing, procurement, and production, contributing to its operational success[58][59]. - The company’s board of directors includes both executive and independent non-executive members, ensuring governance diversity[81]. - The board is committed to maintaining high standards of corporate governance to ensure effective decision-making and long-term sustainable success[118]. - The company has adopted corporate governance practices in compliance with the Hong Kong Stock Exchange's listing rules[118]. - The board consists of nine members, including three executive directors, one non-executive director, and five independent non-executive directors[128]. Risk Management - The company has established a robust risk management and internal control system, covering operational, financial, and compliance risks[190]. - The risk management committee consists of two executive directors and five independent non-executive directors, focusing on identifying and mitigating various risks[175]. - The audit committee and board believe that the group has reasonably executed its existing risk management monitoring effectively[190]. - The internal audit department conducts independent reviews of identified risks and controls, providing reasonable assurance to management and the audit committee[198]. Employee and Board Diversity - The gender ratio among employees is 38% male and 62% female, with plans to increase female representation on the board by December 31, 2024[131]. - The company emphasizes the importance of integrity and diversity in its board composition, considering various factors such as gender, age, and professional experience[165]. - The nomination committee emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience[172].

Financial Performance - The profit attributable to shareholders for the year ended December 31, 2023, was HKD 113.7 million, a decrease from HKD 155.4 million in 2022[1][7] - Total revenue for the year was HKD 3,306.9 million, down from HKD 3,515.4 million in the previous year, representing a decline of approximately 5.9%[7] - The basic earnings per share for the year ended December 31, 2023, is HKD 0.37, down from HKD 0.50 in 2022, representing a decrease of 26%[21] - The group reported a profit attributable to shareholders of HKD 113,662 for 2023, down from HKD 154,043 in 2022, reflecting a decrease of 26%[26] - The company reported a profit of HKD 2,461,803,000 for 2023, compared to HKD 2,690,244,000 in 2022, indicating a decrease in profitability[43] Revenue Breakdown - Total revenue from customer contracts for 2023 is HKD 3,306,882, a decrease of 6% from HKD 3,515,405 in 2022[31] - Revenue from garment manufacturing and trading is HKD 3,189,702, down from HKD 3,416,838 in 2022, indicating a decline of 7%[15] - Revenue from property investment and development is HKD 117,180, an increase from HKD 98,567 in 2022, showing a growth of 19%[15] - In 2023, revenue from China was HKD 1,945,008,000, accounting for 58.8% of total revenue, a decrease of 4.7% from HKD 2,040,184,000 in 2022[53] - Total revenue for 2023 was HKD 3,306,882,000, down from HKD 3,515,405,000 in 2022, reflecting a decline in sales from the US and Europe[62] Assets and Liabilities - The company reported a net asset value per share of HKD 10.12[3] - The total assets decreased to HKD 6,349.9 million from HKD 6,227.6 million in the previous year[9][10] - The company’s long-term bank loans decreased to HKD 742.1 million from HKD 1,151.6 million in the previous year[10] - Non-current liabilities to shareholders' equity ratio stood at 36.9%, while the current ratio was 1.1[3] - The ratio of non-current liabilities to shareholders' equity improved to 36.9% as of December 31, 2023, from 50.2% a year earlier[114] Cash Flow and Expenses - The company’s cash and cash equivalents decreased to HKD 557.7 million from HKD 611.3 million in the previous year[9] - The company's total cash and cash equivalents, short-term bank deposits, and other financial assets amounted to HKD 875.4 million as of December 31, 2023, down from HKD 1.0652 billion a year earlier[113] - The total cost of loans for 2023 was HKD 86,545,000, which includes capitalized amounts of HKD 5,839,000, compared to HKD 44,167,000 in 2022[42] - The company’s total tax expense for 2023 was HKD 30,220,000, an increase from HKD 27,210,000 in 2022[64] - The company maintained an administrative expense ratio of 9.0% of total revenue in 2023, while selling and distribution expenses increased from 6.0% in 2022 to 6.7% in 2023[79] Dividends - The proposed final dividend is HKD 0.12 per share, with a total annual dividend of HKD 0.155 per share[21] - The board proposed a final dividend of HKD 0.12 per share for the year ending December 31, 2023, unchanged from the previous year[122] - The final dividend is subject to approval at the upcoming shareholders' meeting scheduled for June 3, 2024[122] - The company will suspend share transfer registration from June 13 to June 14, 2024, to determine eligible shareholders for the dividend[123] Strategic Initiatives - The company aims to lead sustainable development in the fashion industry through product innovation and the establishment of a five-year sustainability goal[3] - The company plans to invest more resources in artificial intelligence technology to enhance business processes and drive growth[51] - The company aims to continue expanding into high-potential emerging markets and promote digital transformation in garment manufacturing[21] - The company aims to expand its sales network in Southeast Asia, which accounted for 15.8% of total revenue in 2023, up from 12.0% in 2022[53] - The company plans to enhance its sustainable development initiatives by establishing an Environmental, Social, and Governance (ESG) Supervisory Committee[76] Operational Highlights - The "Rui Chuang World" industrial park phase II has been completed, providing a stable cash flow and enhancing the company's long-term development platform[5] - The company invested approximately HKD 81.6 million in machinery, equipment, and renovations to enhance production efficiency and environmental compliance[89] - The company has unrecognized capital expenditure commitments of HKD 375.7 million for property, machinery, and construction projects as of December 31, 2023[90] - The company continues to optimize its property investment and development portfolio to attract quality partners and generate stable income[81] - The company is actively participating in industry summits to share experiences and advanced technologies in promoting green fashion, demonstrating its commitment to sustainable development[110] Employee and Talent Development - The company emphasizes talent development as a priority, aiming to attract professionals from various fields to enhance competitiveness in the fashion industry[22] - The company employed approximately 5,000 employees as of December 31, 2023, consistent with the number from December 31, 2022[116] Financial Instruments and Valuation - The fair value change of derivative financial instruments resulted in a loss of HKD 12,027, compared to a gain of HKD 589 in the previous year[35] - The fair value increase of investment properties was HKD 10,449, compared to a gain of HKD 69,477 in 2022[35] Accounts Receivable - The company reported accounts receivable of HKD 633 million, an increase from HKD 551 million in the previous year[73]

Financial Performance - Revenue from customer contracts for the six months ended June 30, 2023, was HKD 1,612,439,000, a decrease of 10.7% compared to HKD 1,806,257,000 for the same period in 2022[6] - The profit before tax for the six months ended June 30, 2023, was HKD 60,863,000, down 31.6% from HKD 88,893,000 in the previous year[6] - The company reported a net loss of HKD 5,864,000 for the six months ended June 30, 2023, compared to a profit in the same period last year[13] - The company's profit attributable to shareholders for the six months ended June 30, 2023, was HKD 57.9 million, with basic earnings per share of HKD 0.19[131] - Basic earnings per share for the period were HKD 0.19, a decrease of 24% from HKD 0.25 in the prior year[171] - The company reported a profit of HKD 58.6 million for the first half of 2023, down from HKD 76.5 million in the same period of 2022[167] Revenue Breakdown - The company’s total revenue from garment manufacturing and trading was HKD 1,555,728,000, down from HKD 1,762,803,000 in the previous year[6] - Revenue from China for the first half of 2023 was HKD 898.8 million, accounting for 55.7% of total revenue, a decrease of 1.2% compared to HKD 999.0 million (50.4% of total revenue) in the same period of 2022[144] - Revenue from the United States and Europe decreased to HKD 437.9 million, representing 27.2% of total revenue, down from HKD 592.0 million (32.8% of total revenue) in the first half of 2022[144] - Revenue from garment manufacturing and trading for the first half of 2023 was HKD 1.556 billion, a decrease of 11.8% from HKD 1.763 billion in the previous year[173] Dividends - The interim dividend declared for the six months ended June 30, 2023, is HKD 0.035 per share, an increase from HKD 0.03 per share for the same period in 2022[17] - The total amount for the interim dividend is approximately HKD 10,697,000, up from HKD 9,168,000 for the same period in 2022, indicating an increase of about 16.7%[121] Expenses and Costs - Total loan costs for the six months ended June 30, 2023, amounted to HKD 33,644,000, significantly higher than HKD 13,410,000 in the previous year[9] - The company’s bank loans and overdrafts increased to HKD 32,065,000 for the six months ended June 30, 2023, compared to HKD 12,108,000 in the previous year[9] - Administrative expenses as a percentage of total revenue remained stable at 9.2% for both the first half of 2023 and 2022[147] Assets and Liabilities - The total liabilities as of June 30, 2023, were HKD 1,203.97 million, compared to HKD 1,588.54 million in the previous period[1] - The total assets less current liabilities amounted to HKD 4,209.42 million, down from HKD 4,726.54 million[1] - The bank loans increased significantly to HKD 946.92 million from HKD 551.37 million[1] - The net asset value as of June 30, 2023, was HKD 3,005.45 million, compared to HKD 3,137.99 million previously[1] Investment and Fair Value - The fair value of investment properties decreased by HKD 11,574,000 for the six months ended June 30, 2023, compared to an increase of HKD 25,090,000 for the same period in 2022[9] - The company reported a fair value income of HKD 742,000 for the six months ended June 30, 2023, down from HKD 831,000 for the same period in 2022, representing a decrease of about 10.7%[104] - The total value of structured deposits was HKD 161,580,000 as of June 30, 2023, slightly down from HKD 165,187,000 as of December 31, 2022, indicating a decrease of about 3.9%[20] - The fair value gain for the insurance contract investment portion was HKD 33,954,000 as of June 30, 2023, compared to HKD 33,212,000 as of December 31, 2022, reflecting an increase of approximately 2.2%[20] Sustainability and Innovation - The company is focusing on product innovation and sustainable development, achieving multiple international environmental and R&D patent certifications[135] - The company aims to establish a green supply chain and integrate sustainable development into its corporate strategy and daily management[154] - The group is committed to sustainable development and green fashion, integrating these principles throughout its supply chain[164] - The company has received international recognition for its sustainability efforts, including the STeP by OEKO-TEX® certification for its Dongguan factory[197] Digital Transformation and Management - The management team is committed to promoting digital management to enhance accuracy, improve production efficiency, and control costs[141] - The company is accelerating its digital transformation to enhance management efficiency and flexibility, aiming for market expansion[160] - The company is investing in automation and digital technologies to enhance operational efficiency and reduce costs[141] - The company is investing in automation and digital technologies to improve supply chain efficiency and reduce operating costs[161] Corporate Governance - The company has adhered to the corporate governance code principles as per the Hong Kong Stock Exchange regulations during the reporting period[111] - The board emphasizes the importance of environmental, social, and governance (ESG) goals and policies, with various committees overseeing their implementation[199] - The company has established working groups in different regions to lead sustainability efforts and report on project progress[199] Legal Matters - The company has ongoing legal proceedings related to claims against its joint venture, with no significant resource outflow expected[65]

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 截截截截至至至至二二二二零零零零二二二二三三三三年年年年六六六六月月月月三三三三十十十十日日日日止止止止六六六六個個個個月月月月之之之之中中中中期期期期業業業業績績績績、、、、 獨獨獨獨立立立立非非非非執執執執行行行行董董董董事事事事變變變變更更更更及及及及董董董董事事事事委委委委員員員員會會會會組組組組成成成成變變變變更更更更 主主主主席席席席報報報報告告告告 二零二三年，全球經濟和政治局勢持續波動，中美角力，地緣政治及俄烏戰爭為環球 政經帶來嚴重影響。歐美的通貨膨脹、人民幣匯率的不穩定以及加息的綜合因素，達 利的業務亦受到深遠的影響。在如此嚴峻的市場環境下，達利積極快速回應市場變化， 以產品創新為核心力求突破，推動集團整體業務發展。達利同時加速數字化轉型步伐， 提升管理效率及靈活性，全力拓展市場和客戶，以實現全球領先流行時尚企業的目標。 集團截至二零二三年六月三十日止期間之主要業績如下: • 股東應 ...

Financial Performance - The group achieved a profit attributable to shareholders of HKD 154 million for the year ended December 31, 2022[6]. - Basic earnings per share were HKD 0.50, and the net asset value per share was HKD 10.27[6]. - The group's revenue for 2022 increased by 21.7% to HKD 3.52 billion, up from HKD 2.89 billion in 2021[23]. - Gross profit rose by 36.5% to HKD 680.4 million, with a gross margin increase of 2.1% to 19.4%[23]. - Profit for the year was HKD 155.4 million, compared to HKD 147.6 million in 2021, reflecting a growth in profitability[23]. - Revenue from China reached HKD 2.04 billion, accounting for 58.0% of total revenue, a growth of 31.0%[24]. - The contribution from the garment manufacturing and trading business was HKD 3.42 billion, a 23.8% increase from HKD 2.76 billion in 2021[28]. - The property investment and development segment generated revenue of HKD 98.6 million, down from HKD 127.4 million in 2021[31]. - Basic earnings per share increased by 4.2% to HKD 0.50, compared to HKD 0.48 at the end of 2021[25]. Sustainability and Innovation - The group is focusing on sustainable development through innovative technologies, such as the micro-water printing technology, which reduces wastewater generation[10]. - The group has received multiple certifications for its sustainable practices, including recognition as a "National Water-Saving Benchmark Enterprise"[17]. - The company is focusing on sustainable development and has invested in green innovation technologies, achieving various international certifications[33]. - The group identified climate-related risks and opportunities, establishing a governance framework to monitor sustainability policies and projects[35]. - Future outlook includes continued investment in digitalization and sustainable development to drive growth in the fashion industry[18]. Operational Efficiency and Digital Transformation - The group is committed to digital transformation and smart manufacturing to enhance operational efficiency and reduce production costs[16]. - The group aims to optimize its property investment portfolio to create high-value assets and stable income[31]. - The company is committed to enhancing operational efficiency through business process optimization and innovation[28]. - The group’s internal audit department operates independently and reports directly to the audit committee, ensuring oversight of compliance with policies and standards[197]. Corporate Governance - The company emphasizes a strong corporate governance framework to enhance shareholder value and ensure effective risk management[121]. - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[129]. - The company aims to appoint at least one female director by December 31, 2024, to enhance gender diversity on the board[134]. - The company has implemented an anti-corruption policy and annual training to raise awareness among directors and employees[126]. - The audit committee, remuneration committee, nomination committee, and risk management committee have been established to support the board's functions[137]. Shareholder Returns and Reserves - The company declared a final dividend of HKD 0.12 per share for the year ended December 31, 2022, compared to HKD 0.06 per share in 2021, reflecting a 100% increase[66]. - The company's distributable reserves as of December 31, 2022, amounted to HKD 140,694,000, up from HKD 119,541,000 in 2021, indicating a growth of approximately 17.6%[77]. - The interim dividend of HKD 0.03 per share was distributed on October 7, 2022, reflecting the company's commitment to returning value to shareholders[66]. Risk Management - The group has established a risk management system that provides reasonable assurance regarding the safeguarding of assets and the reliability of financial reporting[187]. - The risk management committee consists of one executive director and four independent non-executive directors, focusing on identifying and managing various risks faced by the group[168]. - The company ensures that all committees have sufficient resources to fulfill their duties and can seek independent professional advice if necessary[147]. Employee and Management - The employee count increased to approximately 5,000 as of December 31, 2022, up from 4,800 in the previous year, driven by a rise in sales orders[44]. - The company reviews its directors' and senior management's liability insurance annually to ensure adequate coverage[136]. - Directors are required to submit annual training records, ensuring continuous professional development and compliance with governance standards[178]. Financial Position - As of December 31, 2022, the group's total cash, short-term bank deposits, and financial assets at fair value amounted to HKD 1.07 billion, a decrease from HKD 1.1 billion in 2021[36]. - The bank loans increased to HKD 1.7 billion as of December 31, 2022, compared to HKD 1.68 billion in the previous year, primarily used for garment manufacturing and property development projects[36]. - The group's collateral properties in Hong Kong and mainland China amounted to HKD 1.84 billion, up from HKD 1.39 billion in 2021, used for long-term bank loans[38].