Financial Performance - Shareholders' profit attributable to the company was HKD 124.5 million for the year ended December 31, 2020[8]. - The group's total revenue was HKD 2.16 billion, a decrease of 26.0% compared to HKD 2.91 billion in 2019[24]. - The group achieved a net profit attributable to shareholders of HKD 124.5 million, a 73.0% increase from HKD 72 million in the previous year[26]. - The group reported a basic earnings per share of HKD 0.41, compared to HKD 0.24 in 2019[27]. - The group's operating profit margin for 2020 was 17.9%, down from 19.9% in the previous fiscal year, primarily due to discounts offered during the pandemic[24]. - Revenue from the Greater China region increased to 49.8% of total revenue, up from 42.8% in 2019, while revenue from the US decreased to 23.4% from 34.1%[24]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.03 per share, resulting in a total annual dividend of HKD 0.03 per share[8]. - The company did not declare any interim dividend for the year, maintaining the final dividend at HKD 0.03 per share, consistent with the previous year[79]. - The board will review the dividend policy periodically and has the discretion to declare interim dividends, while final dividends require shareholder approval[82]. Market and Business Strategy - The company shifted its market development focus to the Asia-Pacific region and the domestic market in China, expanding product breadth and categories in response to market demands[8]. - The group plans to continue expanding its market presence in Southeast Asia and China, leveraging strategic partnerships and digital marketing[22]. - In 2021, the company plans to build a stronger innovative team and set clear goals for real estate projects, market expansion, product development, and digital innovation[11]. Operational Efficiency and Investments - The company is investing heavily in product research and development, leveraging cash flow from various businesses to create unique products[8]. - The implementation of Industry 4.0 aims to enhance supply chain efficiency and management through digitalization, providing cost-effective service solutions[8]. - The group is focusing on digital transformation, including the upgrade of manufacturing facilities to reduce labor and improve efficiency[18]. - The group aims to enhance its production efficiency and environmental protection through ongoing investments in technology and sustainable practices[38]. Financial Position and Liabilities - The non-current liabilities to shareholders' equity ratio was 48%, and the current ratio was 1.6[8]. - As of December 31, 2020, the group's cash and cash equivalents totaled HKD 1.33 billion, up from HKD 910 million in 2019[43]. - The group's bank borrowings increased from HKD 1.39 billion in 2019 to HKD 1.71 billion in 2020, mainly for property construction and development projects[43]. - The operating cash inflow for the year was HKD 107 million, supported by improved control over accounts receivable[43]. Corporate Governance - The board of directors presented the audited consolidated financial report for the year ending December 31, 2020[76]. - The company has complied with the corporate governance code principles and applicable provisions during the reporting period[138]. - The board consists of nine members, with independent non-executive directors making up one-third of the board[149]. - The company emphasizes strict adherence to high standards of corporate governance as a key part of its corporate culture[171]. Risk Management - The Risk Management Committee, chaired by Mr. Huang Shaokai, is responsible for advising the board on risks faced by the group and overseeing risk management systems[190]. - The Audit Committee reviews the effectiveness of the risk management and internal control systems[168]. - The Risk Management Committee held one meeting during the year to discuss various risks and corresponding mitigation measures[191]. Employee Relations and Compensation - The group employs approximately 5,400 employees, emphasizing training through various face-to-face and online formats[51]. - No stock options were granted to employees during the year, despite the group's performance-based compensation structure[51]. - The company aims to strengthen relationships with employees and attract key personnel through its stock option plan, which is valid for ten years[120]. Charitable Contributions - Charitable donations made by the group during the year amounted to approximately HKD 3,457,000, an increase of about 23.4% from HKD 2,802,000 in 2019[91].

Financial Performance - The net profit attributable to shareholders for the year 2019 was HKD 71.96 million, representing a 69% increase compared to 2018[9]. - Basic earnings per share for 2019 were HKD 0.24, while the net asset value per share was HKD 8.11[9]. - The total revenue for 2019 was HKD 2,914 million, showing fluctuations over the past five years[20]. - Profit attributable to shareholders increased by 64.9% to HKD 72 million, compared to HKD 43.6 million last year[29]. - Gross profit margin improved from 18.2% in 2018 to 19.9% in 2019[28]. - The group's revenue decreased by HKD 200 million to HKD 2.9 billion, a decline of 5.2%[28]. - The manufacturing and trading segment's total revenue fell by 8.5%, with a net profit margin dropping from 2.8% to 2.3% due to a one-time provision[32]. - The brand business's total revenue significantly declined by HKD 48.7 million, a drop of 35.9%, totaling HKD 86.9 million in 2019[33]. - Property investment and development revenue surged from HKD 84.2 million in 2018 to HKD 213.7 million in 2019, with a profit increase from HKD 45.1 million to HKD 60.8 million[37]. Operational Developments - The company achieved significant progress in its real estate projects, particularly in Zhejiang, with government approval for the next major development phase[9]. - The company plans to relocate its Hong Kong headquarters to the revitalized Dali International Center by June 2020, which is expected to generate stable income[9]. - The company aims to expand its manufacturing base in China while increasing investments in various duty-free zones in Southeast Asia[23]. - The restructuring of the company is expected to enhance product development capabilities and optimize cost structures for existing and potential clients[23]. - The outbreak of COVID-19 has led to significant challenges in the operating environment, with the company closely monitoring the situation[27]. - The company is committed to innovating and optimizing garment manufacturing technology to meet changing customer demands, particularly in women's fashion[27]. - The group is focusing on enhancing its supply chain in Southeast Asia to improve competitiveness and capitalize on domestic market growth opportunities[32]. Financial Position - The current ratio was reported at 1.3, with a non-current liabilities to shareholders' equity ratio of 34%[9]. - The group maintained bank borrowings at HKD 1.4 billion, primarily for property construction and fixed asset investments[41]. - Cash and bank balances totaled HKD 912.8 million, ensuring robust operational liquidity[41]. - The company received a tax refund of HKD 103 million from the Hong Kong tax authority, which includes refunds of taxes paid and amounts for purchased tax vouchers, along with related interest[48]. Corporate Governance - The board of directors presented the audited consolidated financial report for the year ending December 31, 2019[73]. - The company has complied with relevant laws and regulations that significantly impact its operations during the year[75]. - The company has faced major risks and uncertainties, which are discussed in the chairman's report and management discussion and analysis sections of the annual report[75]. - The company has a strong management team with extensive experience in the textile and garment industry, contributing to its operational effectiveness[68][69][70]. - The company has maintained a focus on market expansion and product development, particularly in the knitted garment sector[68][69]. - The company’s independent directors bring over 45 years of experience in the financial services industry, enhancing corporate governance[62][63][64]. - The company’s strategic direction includes ongoing investment in technology and innovation to improve product offerings and operational efficiency[75]. - The company has complied with the corporate governance code and principles as outlined in the listing rules, with some deviations noted in the report[129]. Shareholder Information - The company declared an interim dividend of HKD 0.03 per share on October 18, 2019, and proposed a final dividend of HKD 0.03 per share, consistent with the previous year[76]. - As of December 31, 2019, the company's distributable reserves amounted to HKD 109,934,000, a decrease from HKD 120,514,000 in 2018[87]. - The company made charitable donations totaling approximately HKD 2,802,000 during the year, compared to HKD 3,036,700 in 2018[88]. - The company’s top five customers accounted for less than 30% of total sales, and the top five suppliers accounted for less than 15% of total purchases as of December 31, 2019[89]. - The company adopted a dividend policy on March 29, 2019, to allow shareholders to share in profits while retaining sufficient reserves for future development[78]. - The board has the discretion to declare interim dividends, while final dividends require shareholder approval at the annual general meeting[79]. - The company will suspend share transfer registration from June 22 to June 24, 2020, to determine eligible shareholders for the annual general meeting[81]. - As of December 31, 2019, the total issued share capital of the company was 305,615,420 shares[109]. Employee and Social Responsibility - The total number of employees, including those in joint ventures, was approximately 6,300 at the end of the reporting year[49]. - The company has established a whistleblowing policy to allow employees and other stakeholders to report concerns regarding misconduct or violations of company policies[176]. - The company has received multiple environmental and quality management certifications, reflecting its commitment to sustainability[38]. - The group invested approximately HKD 58.5 million in machinery, equipment, renovations, and construction projects to enhance production efficiency and improve environmental equipment during the year[43]. - The group committed to capital expenditures of HKD 101 million for the purchase of properties, machinery, equipment, and construction projects as of December 31, 2019[44]. Board Structure and Committees - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[143]. - The company has established various committees, including an audit committee, remuneration committee, nomination committee, and risk management committee, to oversee specific areas of governance[152]. - The Audit Committee is responsible for monitoring the integrity of the company's financial reports and reviewing significant judgments made in financial reporting[171]. - The Remuneration Committee considers the remuneration paid by comparable companies and the time and responsibilities required for the positions within the group[179]. - The Nomination Committee is tasked with evaluating the independence of independent non-executive directors[186]. - The company has adopted the standard code of conduct for securities trading as per the listing rules[200]. - The company has established a risk management committee to oversee risk management practices[170]. - The board will recommend directors for re-election at the annual general meeting based on the nomination committee's assessment of their contributions and qualifications[192].

Financial Performance - The group's revenue decreased by HKD 200 million to HKD 1.4 billion, representing a decline of 12% compared to the previous year[14] - Gross profit margin increased from 17.6% in the same period last year to 19.5%, reflecting effective cost control measures[14] - Shareholders' profit attributable to the company was HKD 33.6 million, a significant increase of 42% from HKD 23.6 million in the previous year[14] - Basic earnings per share rose to HKD 0.11, up from HKD 0.077 in the same period last year[14] - Revenue decreased by 9.6% year-on-year in the first half of the year, resulting in a total income of HKD 3,370 million[18] - Revenue for the six months ended June 30, 2019, was HKD 1,362,897, a decrease of 11.3% compared to HKD 1,550,598 in 2018[40] - Net profit for the period was HKD 30,774, representing a 42.2% increase from HKD 21,628 in 2018[40] - The profit attributable to shareholders for the six months ended June 30, 2019, was HKD 33,572,000, representing an increase of 42.4% from HKD 23,589,000 in the same period of 2018[140] Expenses and Cost Management - Administrative expenses and selling and distribution expenses decreased by 10% and 6% respectively compared to the previous year[14] - Other income for the period was HKD 43.7 million, including fair value gains from investment properties of HKD 38 million[14] - Financial costs totaled HKD 16,649, slightly up from HKD 16,237 in the previous year[129] - The company's income tax expense for the six months ended June 30, 2019, was HKD 8,367,000, a decrease of 1.6% from HKD 8,506,000 in the same period of 2018[131] - The deferred tax expense for the current period was HKD 5,478,000, compared to HKD 8,402,000 for the same period in 2018, indicating a reduction of approximately 34.4%[134] Assets and Liabilities - The ratio of non-current liabilities to shareholders' equity was 37.5%, with a current ratio of 1.4[5] - Total assets as of June 30, 2019, amounted to HKD 5,162,277, an increase from HKD 5,083,752 as of December 31, 2018[50] - The company reported a decrease in inventory to HKD 373,813 from HKD 456,413, reflecting a reduction of 18.1%[48] - Current liabilities decreased to HKD 1,724,017 from HKD 1,637,409, indicating a 5.3% increase in financial stability[50] - The company’s investment properties increased to HKD 2,062,693, up from HKD 1,926,240, showing a growth of 7.1%[48] Market and Business Development - The company plans to enhance its domestic market development, particularly in women's clothing, leveraging the strong growth in internet retail[11] - The company is actively developing its property projects, with the revitalization of its headquarters expected to contribute to future rental income[7] - The company continues to strengthen its competitive advantage in the silk business and emphasizes the importance of a fast fashion supply chain model[12] - The group is focusing on enhancing production supply chain capabilities in Southeast Asia, particularly in Cambodia and Vietnam[18] Cash Flow and Financing - Cash and bank balances totaled HKD 888.5 million, down from HKD 983.1 million at the end of 2018[28] - Net cash inflow from operating activities for the first half of 2019 was HKD 67,785, compared to a net outflow of HKD 17,688 in the first half of 2018[55] - The company reported a net cash outflow from investing activities of HKD 89,288, an increase from HKD 80,668 in the previous year[55] - The company incurred a total dividend payout of HKD 9,168, consistent with the previous year[55] - New bank loans granted during the interim period totaled HKD 86,700,000, while repayments amounted to HKD 76,700,000[153] Accounting and Compliance - The company has applied new accounting standards, including HKFRS 16 on leases, which may impact future financial reporting[59] - The company recognized lease liabilities of HKD 27,672,000 and right-of-use assets of HKD 90,829,000 as of January 1, 2019[90] - The company will not reassess contracts unless terms and conditions change, ensuring stability in lease accounting[63] - The company did not restate comparative information upon the initial application of the new lease standard[91] - The group is currently undergoing a tax review by the Hong Kong tax authority, which may affect the tax status of certain subsidiaries since the 1999/2000 tax year[108] Shareholder Information - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 9,168,000, consistent with the previous year's interim dividend[143] - The company has granted stock options totaling 5,000,000 shares, representing 1.64% of the issued shares as of June 30, 2019[163] - The estimated fair value of the stock options granted was HKD 0.3828 per share, with an exercise price of HKD 1.76[167]

Financial Performance - Shareholders' profit attributable to the company was HKD 43.6 million, with a basic earnings per share of HKD 0.14[6] - The total revenue for the year was HKD 2,865 million, showing an increase compared to previous years[16] - The group's revenue increased by HKD 300 million to HKD 3 billion, representing a growth rate of 12.5% for the year ended December 31, 2018[25] - Gross profit rose by HKD 33.2 million to HKD 558 million, with a growth rate of 6.3%, while the gross margin decreased from 19.2% in 2017 to 18.2% in 2018[25] - Net profit attributable to shareholders was HKD 43.6 million, a 4% increase from HKD 42 million in 2017, with basic earnings per share rising to HKD 0.143 from HKD 0.137[27] - Revenue from the manufacturing and trading business increased by HKD 362.9 million or 14.6% to HKD 2.85 billion, driven by increased orders from long-term customers in the US and Europe[34] - Revenue from the brand business decreased by HKD 40.1 million or 22.8% to HKD 135.6 million, with a segment loss of HKD 43.5 million in 2018[35] - Property investment and development revenue increased by HKD 19 million to HKD 84.2 million, primarily due to higher sales and rental income from properties in Zhejiang Province[36] Financial Position - The company's non-current liabilities to shareholders' equity ratio was 38%, and the current ratio was 1.5[6] - The net asset value per share was HKD 8.16, reflecting a stable financial position[17] - The total outstanding bank loans remained at HKD 1.4 billion as of December 31, 2018, while cash and cash equivalents increased during the period[42] - The total cash and bank deposits as of the reporting date were HKD 983.1 million, slightly down from HKD 993.5 million at the end of 2017[42] - The group has sufficient operating liquidity due to unused bank credit facilities, ensuring it can meet operational and future development needs[42] - The company's distributable reserves as of December 31, 2018, amounted to HKD 120,514,000, an increase from HKD 111,197,000 in 2017, reflecting a growth of approximately 11.8%[87] Operational Strategy - The company plans to implement SAP and ERP systems to leverage big data for cost reduction and efficiency improvement[24] - The company aims to enhance market competitiveness through innovative product development and quick response to market changes[24] - The company is focusing on optimizing its quality properties, including the revitalization of its headquarters in Hong Kong, expected to contribute to future revenues[10] - The group aims to optimize costs and improve operational efficiency in response to challenges in the brand business, with ongoing restructuring efforts[35] - The group plans to continue investing in property development to generate stable cash flow and support core trading and manufacturing operations[36] Challenges and Risks - The company has taken strong actions to reduce losses in its brand business, particularly in the U.S. market, due to competitive pressures[9] - The company continues to face challenges from global market fluctuations and trade tensions, yet remains confident in its growth potential[10] - The group has a prudent strategy for managing foreign exchange risk and maintains adequate hedging reserves[42] Corporate Governance - The company has adhered to the corporate governance code as per the Stock Exchange Listing Rules, with specific deviations noted[136] - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[148] - The company has established audit, remuneration, nomination, and risk management committees to ensure effective governance[155] - The independent non-executive directors constitute one-third of the board, meeting the requirement set by the listing rules[149] - The company has purchased appropriate liability insurance for directors and senior management, reviewing coverage annually[150] - The company has established a Risk Management Committee to oversee risk management practices since 2016[166] Shareholder Information - The company reported a mid-term dividend of HKD 0.03 per share, consistent with the previous year[74] - The board proposed a final dividend of HKD 0.03 per share, pending approval at the 2019 annual general meeting[74] - The company adopted a dividend policy on March 29, 2019, allowing shareholders to share in profits while retaining sufficient reserves for future development[75] - Major shareholder Liang Shuk Ping holds 199,653,361 shares, accounting for 65.33% of the company's issued share capital[111] - Hinton Company Limited, a major shareholder, owns 153,537,620 shares, which is 50.24% of the company's issued share capital[111] - High Fashion Charitable Foundation Limited holds 44,325,840 shares, representing 14.50% of the company's issued share capital[111] Employee and Community Engagement - The group employed approximately 6,200 employees, providing reasonable compensation and stock options based on performance[48] - Charitable donations made by the group during the year totaled approximately HKD 3,036,700, significantly higher than HKD 260,000 in 2017, indicating a substantial increase in community engagement[87] Risk Management and Internal Controls - The company has implemented a framework for effective risk management and internal control systems to enhance shareholder value[144] - The Audit Committee is responsible for monitoring the integrity of the company's financial reports and reviewing significant judgments made in financial reporting[171] - The Audit Committee reviewed the audited consolidated financial report for the year ended December 31, 2018[177] - The company submits quarterly reports on the whistleblowing policy to the Audit Committee for review[177]