Financial Performance - The Group's revenue for the six months ended 30 June 2024 was HK$280.8 million, a 23.6% increase compared to HK$227.2 million in the same period of 2023[12][13]. - Gross profit reached HK$32.1 million, reflecting a 3.2% increase from HK$31.1 million in 2023, while the gross profit margin decreased from 13.7% to 11.4%[12][16]. - Loss attributable to equity holders was HK$12.2 million, compared to a loss of HK$4.5 million in 2023, with basic and diluted loss per share at HK1.35 cents[12][13]. - The U.S. and Europe contributed 86.3% of segment revenue, totaling HK$242.4 million, up from 83.3% in 2023[15]. - Total revenue for the six months ended June 30, 2024, was HK$280,835,000, compared to HK$227,218,000 in 2023, marking an overall increase of 23.6%[85][91]. - Loss before tax for the period was HK$12,168,000, compared to a loss of HK$4,518,000 for the same period in 2023[96][98]. Financial Position - The report includes the condensed consolidated statement of financial position as of June 30, 2024, providing insights into the Group's assets and liabilities[9]. - As of June 30, 2024, the Group's cash and bank balances were HK$133.5 million, an increase from HK$120.2 million as of December 31, 2023[28]. - The Group's working capital represented by net current assets amounted to HK$123.7 million, down from HK$132.6 million as of December 31, 2023[28]. - The current ratio decreased to 2.1 from 2.6 as of December 31, 2023[28]. - Net assets decreased to HK$165,277,000 as of June 30, 2024, down from HK$177,844,000 at the end of 2023[71]. - The Group's non-current assets as of June 30, 2024, were valued at HK$60,189,000, a slight decrease from HK$62,937,000 as of December 31, 2023[91]. Cash Flow - The Group's cash flow statement for the six months ended June 30, 2024, is also presented, highlighting cash inflows and outflows during the period[10]. - Net cash generated from operating activities for the six months ended June 30, 2024, was HK$16,088,000, compared to a net cash used of HK$12,774,000 in the same period of 2023[73]. - The company reported a net increase in cash and cash equivalents of HK$13,692,000 for the six months ended June 30, 2024, compared to an increase of HK$34,297,000 in 2023[73]. - Cash and cash equivalents at the end of the period amounted to HK$133,509,000, slightly up from HK$132,049,000 at the end of June 2023[73]. Expenses and Costs - Administrative and other operating expenses increased by 22.2% to HK$35.2 million, primarily due to one-off restructuring costs of approximately HK$3.9 million related to the cessation of production at the Heshan Facility[18][24]. - Finance expenses rose by 30.8% to HK$5.1 million, driven by increased interest expenses on borrowings due to rate hikes[20][26]. - Selling and distribution expenses as a percentage of garment manufacturing and trading revenue increased to 1.9% from 1.6% in 2023, attributed to higher logistics costs and increased sample exploitation fees[19][25]. - Selling and distribution expenses increased to HK$5,268,000, up from HK$3,567,000 in the previous year, indicating higher marketing costs[69]. - Administrative and other operating expenses rose to HK$35,161,000, compared to HK$28,828,000 in the same period last year[69]. Corporate Governance - The Company has undergone changes in its board of directors, with several members being removed or appointed in early 2024[2]. - The Company has complied with all provisions of the Corporate Governance Code throughout the six months ended June 30, 2024, except for Code C.2.1[63]. - Following the removal of Ms. Ma Xiaoqiu as executive Director, the Company has not appointed a Chairman, and the role has been performed by all executive Directors[63]. - The Company appointed Ms. Chiu Hoi Shan as an independent non-executive Director on May 7, 2024, re-compliance with Listing Rules was achieved[65]. - The Company has adopted a code of conduct regarding directors' securities transactions, and all directors confirmed compliance during the review period[66]. Strategic Focus and Outlook - The Group will continue to focus on its existing garment manufacturing and trading business while monitoring macro-environmental impacts[48]. - The management will adopt a prudent strategy for securities investment due to the volatile securities environment[47]. - The Group is committed to achieving long-term sustainable growth to maximize returns for its shareholders[48]. - Global inflation is expected to remain at a relatively high level, which is unfavorable for the Group's financial performance[47]. - The geopolitical situation and the outcome of the US 2024 Presidential Election are expected to influence the Group's performance as an exporter[47]. Employee and Operational Changes - The number of full-time employees decreased to 214 from 400 as of December 31, 2023, due to a strategic plan to streamline operations[39]. - Key management personnel compensation decreased to HK$378,000 for the six months ended June 30, 2024, from HK$1,066,000 in the same period of 2023, a decline of approximately 64.6%[118]. - The management team has ceased production in Mainland China and will seek new manufacturing partners or invest in self-owned factories in other countries as necessary[47]. Shareholder Information - The stock code for the Company is 643, with a board lot size of 10,000 shares, relevant for trading purposes[8]. - As of June 30, 2024, MARS Worldwide Holdings Limited holds 411,293,396 ordinary shares, representing approximately 45.71% of the issued share capital[57]. - The Board does not recommend an interim dividend for the six months ended 30 June 2024, consistent with the previous year where no dividend was declared[123].

Financial Performance - For the six months ended June 30, 2024, the group's revenue was HKD 280.8 million, an increase of 23.6% compared to HKD 227.2 million for the same period in 2023[2] - Gross profit for the same period was HKD 32.1 million, up 3.2% from HKD 31.1 million in 2023, primarily due to increased customer orders and sales volume[2] - The group reported a loss attributable to equity holders of HKD 12.2 million, compared to a loss of HKD 4.5 million in 2023, with a basic and diluted loss per share of HKD 1.35[3] - The gross margin decreased from 13.7% to 11.4%, attributed to reduced sales volume from the manufacturing facility in Heshan and one-time restructuring costs related to the facility's suspension[3] - Revenue for the six months ended June 30, 2024, was HKD 280,835,000, an increase of 23.6% compared to HKD 227,218,000 for the same period in 2023[22] - The company reported a loss before tax of HKD 12,168,000 for the six months ended June 30, 2024, compared to a loss of HKD 4,518,000 in the prior year, reflecting a significant increase in losses[22] - The company reported a net loss per share of HKD 0.52 for the six months ended June 30, 2024, compared to a loss of HKD 0.17 in the same period last year[22] - The company’s total equity decreased to HKD 165,277,000 as of June 30, 2024, down from HKD 177,844,000 at the end of 2023, indicating a decline in shareholder value[24] Revenue Segmentation - The apparel manufacturing and trading segment contributed 86.3% of total revenue, amounting to HKD 242.4 million, up from 83.3% and HKD 189.2 million in 2023[4] - The revenue from garment manufacturing and trading was HKD 280,835,000, which accounted for the majority of total revenue, with no contribution from securities investments during this period[28] Operational Changes - The group increased its production orders allocated to overseas subcontractors, resulting in products manufactured in Southeast Asia rising to 96.0% from 77.0% in 2023[4] - The company has 214 full-time employees as of June 30, 2024, a decrease from 400 employees as of December 31, 2023, due to strategic plans to streamline operations in Heshan[17] - The management team has ceased production in mainland China and is exploring opportunities to collaborate with new manufacturing partners or invest in new factories in other countries[19] Expenses and Costs - Administrative and other operating expenses rose by 22.2% to HKD 35.2 million, mainly due to one-time restructuring costs of approximately HKD 3.9 million related to the Heshan facility[6] - Financing costs increased by 30.8% to HKD 5.1 million, primarily due to higher interest expenses[8] - The company’s financing income increased to HKD 542,000 from HKD 423,000, while financing expenses rose to HKD 5,129,000 from HKD 3,919,000, indicating higher borrowing costs[22] Asset Management - Total assets as of June 30, 2024, were HKD 295,643,000, compared to HKD 279,297,000 as of December 31, 2023, showing a growth in asset base[23] - Current assets increased to HKD 235,031,000 from HKD 216,025,000, primarily driven by an increase in cash and bank balances[23] - Trade receivables as of June 30, 2024, amounted to HKD 26,768,000, up from HKD 23,451,000 as of December 31, 2023[37] - Trade payables increased to HKD 41,249,000 as of June 30, 2024, compared to HKD 35,264,000 as of December 31, 2023[39] Market Conditions - The economic outlook remains uncertain, with geopolitical risks affecting the company's performance as an exporter to Europe and the US[19] - Global inflation is a significant concern, with rising consumer price indices putting pressure on the business environment[20] - The company will continue to monitor macroeconomic factors and adjust its business strategies accordingly to seek sustainable long-term growth[20] - The company will closely monitor foreign exchange rate fluctuations and establish foreign currency forward contracts as necessary to mitigate risks[12] Corporate Governance - The company has adhered to all corporate governance codes as of June 30, 2024, except for the non-compliance with code C.2.1[44] - Following the dismissal of Ms. Ma, the board of directors is now of a single gender, which does not comply with listing rule 13.92[45] - The company appointed Ms. Zhao as an independent non-executive director on May 7, 2024, restoring compliance with several listing rules[45] - The board believes that despite the absence of a chairman and CEO, the current structure allows for effective decision-making and management oversight[44] Dividend Policy - The company will not declare an interim dividend for the six months ending June 30, 2024, compared to no dividend declared in 2023[21] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[41] Future Reporting - The mid-term report for the six months ending June 30, 2024, will be published on the company's website and sent to shareholders at an appropriate time[47]

Financial Performance - Carry Wealth Holdings Limited reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion in 2023[8] - The company’s net profit for the year was HKD 150 million, representing a 10% increase compared to the previous year[8] - Total revenue for 2023 was HK$493.1 million, a slight decrease of 1.2% from HK$499.0 million in 2022[41] - Gross profit decreased by 21.5% to HK$62.9 million compared to HK$80.2 million in the previous year[41] - Loss attributable to equity holders increased by 16.9% to HK$8.9 million from HK$7.6 million in 2022[41] - Future guidance indicates a revenue target of HKD 1.5 billion for 2024, reflecting a 25% growth expectation[8] - Gross profit for the same period totaled HK$63.0 million, down from HK$80.2 million in 2022, reflecting a decrease in customer orders and sales volume[60] - The garment manufacturing and trading segment revenue decreased by 1.3% to HK$493.0 million, down from HK$499.3 million in 2022[64] Market Expansion and Strategy - User data showed a 20% growth in active customers, totaling 500,000 by the end of 2023[8] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in sales from this region in the next fiscal year[8] - New product lines are expected to launch in Q3 2024, projected to contribute an additional HKD 200 million in revenue[8] - The Group plans to further reduce production scale in Mainland China and explore opportunities for new manufacturing partners or self-owned factories in other countries[50] Financial Position and Assets - Total assets rose by 9.6% to HK$279.3 million, up from HK$254.7 million in 2022[41] - Total liabilities decreased by 14.2% to HK$101.5 million from HK$118.3 million in the previous year[41] - Cash and bank balances increased by 25.6% to HK$120.2 million compared to HK$95.7 million in 2022[41] - Net current assets improved by 55.4% to HK$132.6 million from HK$85.3 million in 2022[41] - The company's equity holders' capital and reserves increased by 30.4% to HK$177.8 million from HK$136.4 million in 2022[41] Corporate Governance - The company has a strong corporate governance structure in place to ensure effective oversight of management[126] - The Board believes that the current arrangement allows for prompt decision-making and efficient achievement of the company's objectives[126] - The company’s governance structure allows for independent access to management for directors seeking additional information[134] - The Board has established a written guideline to formalize the division of responsibilities between the Board and management, enhancing corporate governance[138] - The Audit Committee comprises two independent non-executive directors, enhancing governance oversight[153] Risk Management - The Group's risk management and internal control systems are based on the 2013 COSO Framework and are designed to manage risks rather than eliminate them[191] - The Risk Management and Supervisory Committee (RMSC) developed an annual internal audit plan to evaluate the effectiveness of the Group's risk management and internal control systems[199] - A risk matrix report was prepared to prioritize significant risks based on their likelihood and impact on the Group's business[198] - The Audit Committee is responsible for reviewing the effectiveness of the risk management and internal control systems[190] Human Resources and Employment - As of December 31, 2023, the Group had 400 full-time employees, a decrease from 488 in 2022, primarily due to the downsizing of the Heshan factory[103] - Administrative and other operating expenses decreased by 29.4% to HK$54.0 million, primarily due to reduced staff remuneration[74] - Regular training is provided to employees to enhance their risk awareness and management capabilities[195] Board Composition and Diversity - The Board comprises 2 female directors and 6 male directors, achieving gender diversity, but currently has a single gender board that does not meet Listing Rules requirements[175] - The company aims to enhance board gender diversity and will continue to assess its composition and effectiveness in the fiscal year 2024[179] - The company will actively seek suitable female candidates to comply with listing rules regarding board diversity[179] Investment and Financial Strategy - The Group is adopting a prudent strategy for securities investment due to stagnation in performance and volatility in the securities environment[108] - The Investment Committee was established in 2014 to review and approve investment policies and monitor securities investment business[177] - The Investment Committee monitored the performance of the investment portfolio and considered the re-appointment of external investment professionals[186]

Financial Performance - The group's revenue for the year ended December 31, 2023, was HKD 493.1 million, a decrease of 1.8% from HKD 499.0 million in 2022[4] - Gross profit for the year was HKD 63.0 million, down from HKD 80.2 million in 2022, primarily due to a reduction in customer orders and sales volume[4] - The loss attributable to equity holders was HKD 8.9 million, compared to a loss of HKD 7.6 million in 2022, with basic and diluted loss per share at HKD 1.01[4] - Total revenue for the year ended December 31, 2023, was HKD 493,060, a decrease of 1.9% compared to HKD 499,024 in 2022[32] - Gross profit for 2023 was HKD 62,951, down 21.5% from HKD 80,223 in 2022[32] - The company reported a pre-tax loss of HKD 8,917 for 2023, compared to a loss of HKD 7,625 in 2022, indicating a worsening financial performance[32] - The group reported a pre-tax loss of HKD 8,917,000 for the year, compared to a pre-tax loss of HKD 7,625,000 in the previous year[56] - The group recognized government subsidies of approximately HKD 6,000,000 in 2023, significantly lower than HKD 208,000,000 in 2022[76] - The group reported a loss attributable to equity holders of HKD 8,917,000 in 2023, compared to a loss of HKD 7,625,000 in 2022[81] Revenue Breakdown - The garment manufacturing and trading segment's revenue decreased by 1.3% to HKD 493.0 million, while the contribution from the US and Europe accounted for 82.7% of segment revenue[6][7] - Revenue from external customers in the United States was HKD 240,450,000, down from HKD 313,947,000 in 2022, a decrease of 23.3%[61] - In 2023, total revenue from the US market was HKD 240,450,000, a decrease of 23.4% from HKD 313,947,000 in 2022[67] - Revenue from the European market increased by 58.5% to HKD 167,402,000 in 2023, compared to HKD 105,690,000 in 2022[67] - The external sales from the garment manufacturing and trading segment were HKD 492,974,000, while the securities investment segment contributed HKD 86,000[64] Expenses and Costs - Administrative and other operating expenses decreased by 29.4% to HKD 54.0 million, mainly due to reduced employee compensation[12] - Financing costs increased by 91.1% to HKD 8.6 million, primarily due to rising borrowing rates[14] - Employee benefits expenses decreased to HKD 46,877,000 in 2023 from HKD 81,917,000 in 2022, a reduction of 42.8%[79] - Total financing expenses rose to HKD 8,573,000 in 2023, up from HKD 4,489,000 in 2022, representing an increase of 91.5%[79] - The management will continue to adjust cost control measures in response to unavoidable financial costs due to high inflation and interest rates[26] Assets and Liabilities - Current assets increased to HKD 216,025 in 2023 from HKD 185,739 in 2022, reflecting a growth of 16.3%[33] - Cash and bank balances rose significantly to HKD 120,151 in 2023, up from HKD 95,686 in 2022, marking an increase of 25.6%[33] - Total equity increased to HKD 177,844 in 2023, compared to HKD 136,421 in 2022, representing a growth of 30.4%[35] - The company’s inventory increased to HKD 63,292 in 2023, up from HKD 43,791 in 2022, indicating a rise of 44.6%[33] - Trade and other receivables decreased to HKD 32,582 in 2023 from HKD 44,933 in 2022, a decline of 27.5%[33] - The company’s total liabilities decreased to HKD 83,465 in 2023 from HKD 100,420 in 2022, a reduction of 16.9%[33] - The total assets of the group increased to HKD 279,297,000 in 2023 from HKD 254,726,000 in 2022, marking an increase of 9.7%[60] - The total liabilities decreased to HKD 101,453,000 in 2023 from HKD 118,305,000 in 2022, a reduction of 14.3%[60] Employee and Management Changes - The total number of full-time employees decreased to 400 as of December 31, 2023, from 488 in 2022, primarily due to the downsizing of the Heshan factory[22] - The management plans to further reduce production scale in mainland China, which may lead to additional downsizing of the Heshan manufacturing facility[26] - The company aims to attract and retain high-quality employees by offering performance-based bonuses and stock options[22] - The executive director has been temporarily fulfilling the responsibilities of the CEO position since the resignation of the previous CEO on February 1, 2023[95] Corporate Governance and Strategy - The company is committed to maintaining strong corporate governance practices and has adhered to all relevant guidelines during the year[94] - The management will continue to monitor macroeconomic factors and adjust the business strategy accordingly to seek sustainable long-term growth[27] - The group will closely monitor foreign currency exchange rate fluctuations and establish forward foreign exchange contracts as necessary to mitigate risks[18] - The group adopted a cautious investment strategy, recording a fair value gain of HKD 0.1 million in its securities investment business[11] Accounting and Reporting Standards - The application of the revised Hong Kong Accounting Standard No. 8 did not have a significant impact on the consolidated financial statements for the year[44] - The group first applied the revised Hong Kong Accounting Standard No. 1, which replaced "major accounting policies" with "significant accounting policy information" in financial statement presentation[45] - The revised Practice Note No. 2 clarifies how an entity applies its "four-step process for assessing materiality" to accounting policy disclosures[46] - The board believes that the changes in accounting policies for the year did not have a significant impact on the consolidated financial statements[51] - The group did not apply any new or revised Hong Kong Financial Reporting Standards that are not yet effective, expecting no significant impact on the consolidated financial statements[52] - The company anticipates that the application of all other new Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[52] Other Information - The company does not recommend the payment of a final dividend for the year ending December 31, 2023, compared to no dividend in 2022[29] - The group had no contingent liabilities as of December 31, 2023, and December 31, 2022[21] - The group recognized a realized gain of approximately HKD 86,000,000 from the sale of all listed equity securities, compared to a fair value loss of HKD 418,000,000 in the previous year[87] - There were no significant events after the reporting period up to the announcement date[91] - The annual results announcement is available on the Hong Kong Stock Exchange website and the company's website[99]

Corporate Governance - The company appointed several new executive directors on February 1, 2023, including Ms. Ma Xiaoqiu as Chairlady and Mr. Tsang Chun Ho Anthony[3]. - The company reported significant changes in its board composition, with multiple resignations occurring on February 1, 2023, including the resignation of the Chairman and CEO, Mr. Li Haifeng[3]. - The company has undergone significant governance changes, with multiple independent non-executive directors appointed and resigned within a short timeframe[4][6]. - The company has maintained a strong corporate governance structure, ensuring effective oversight of management despite the vacancy in the CEO position since February 1, 2023[90]. - The company has complied with all provisions of the Corporate Governance Code except for the temporary deviation regarding the roles of chairman and CEO[88]. Financial Performance - For the six months ended 30 June 2023, the Group's revenue was HK$227.2 million, a decrease of 7.7% compared to HK$246.1 million in the same period of 2022[19]. - Gross profit for the same period was HK$31.1 million, reflecting a 9.6% decline from HK$34.4 million in 2022[19]. - The loss attributable to equity holders of the Company was HK$4.5 million, compared to a profit of HK$3.9 million in 2022, resulting in a basic and diluted loss per share of HK$0.52 cents[19]. - The Group reported a loss before tax of HK$4,518,000 for the six months ended June 30, 2023, compared to a profit before tax of HK$3,883,000 for the same period in 2022[132]. - Total comprehensive income attributable to equity holders for the period was a loss of HK$374,000, compared to a profit of HK$3,813,000 in 2022[94]. Revenue Breakdown - The garment manufacturing and trading segment generated revenue of HK$189.2 million, contributing 83.3% of total segment revenue, down from 85.8% in 2022[24]. - Revenue from external customers for the six months ended June 30, 2023, was HK$227,218,000, a decrease of 7.7% compared to HK$246,094,000 in 2022[137]. - Revenue from the United States decreased to HK$113,715,000 in 2023 from HK$164,411,000 in 2022, representing a decline of 30.8%[137]. - Revenue from Europe increased significantly to HK$75,459,000 in 2023, up 60.3% from HK$47,040,000 in 2022[137]. Expenses and Costs - Administrative and other operating expenses increased by 5.9% to HK$28.8 million, primarily due to higher depreciation expenses[30]. - Selling and distribution expenses as a percentage of garment manufacturing and trading revenue decreased to 1.6%, down from 2.1% in 2022, due to improved logistical efficiency[31]. - Finance expenses surged by 129.4% to HK$3.9 million, primarily due to increased interest expenses from rate hikes[32]. - Other income and gains decreased to HK$0.2 million from HK$3.1 million in 2022, mainly due to compensation from customers for cancelled orders[33]. Cash Flow and Liquidity - As of June 30, 2023, the Group's cash and cash equivalents increased to HK$132.0 million from HK$95.7 million as of December 31, 2022, representing a 38% increase[39]. - The Group's working capital, represented by net current assets, rose to HK$135.7 million from HK$85.3 million, marking a 59% increase[39]. - The current ratio improved to 2.3 as of June 30, 2023, compared to 1.8 as of December 31, 2022[39]. - Net cash used in operating activities increased to HK$12,774,000 in 2023 from HK$3,028,000 in 2022, reflecting a worsening cash flow situation[98]. - Cash and bank balances increased to HK$132,049,000 as of June 30, 2023, from HK$95,686,000 at the end of 2022, representing a growth of 38.0%[95]. Shareholder Information - The Group will not declare an interim dividend for the six months ended June 30, 2023, compared to HK$0.2 cents per ordinary share in 2022[65]. - As of June 30, 2023, MARS Worldwide Holdings Limited, wholly owned by Ms. Ma Xiaoqiu, holds 411,293,396 shares, representing approximately 45.71% of the issued share capital[77]. - The company did not recommend an interim dividend for the six months ended June 30, 2023, compared to HK$0.2 cents per ordinary share in 2022[163]. Production and Operations - Products manufactured in Southeast Asia accounted for 77.0% of total production, up from 59.5% in 2022, while the Heshan factory contributed 23.0%[25]. - The Group plans to allocate more production to Cambodia and Indonesia subcontractors to align with industry trends and improve productivity[62]. - The company has invested in advanced manufacturing machinery in Cambodia to improve productivity, which may lead to a reduction in the scale of its production facilities in Heshan[66]. Market Conditions - The apparel industry has shown signs of slowing down since the end of 2022, with rising inflation and weak consumer sentiment leading to a decline in sales in the US and Europe[66]. - The management is considering ceasing the inactive securities investment business to reallocate resources to other potential opportunities[63]. Other Information - The company’s website is www.carrywealth.com, providing a platform for investor relations and information dissemination[15]. - The financial statements have been prepared in accordance with Hong Kong Accounting Standards and have not been audited[101]. - The Group's reportable segments include garment manufacturing and trading, and securities investment, with no unsatisfied performance obligations as of June 30, 2023[127].

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 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 恒富控股有限公司（「本公司」）之董事會（「董事會」）欣然提呈本公司及其附屬公 司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績。 管理層討論及分析 概覽 本集團的主要業務為多個國際知名品牌製造及貿易成衣產品。本集團有生產 設施位於中國大陸鶴山市。本集團亦就其生產流程委聘海外分包商。 此外，本集團的證券投資業務分部買賣於香港聯交所上市的證券。鑑於股市波 動，本集團於回顧期間內繼續採取保守投資策略。 ...

Company Overview - Carry Wealth Holdings Limited has been listed on the Main Board of The Stock Exchange of Hong Kong since 2000[6]. - The company manufactures and trades garment products for internationally renowned brands and engages in securities investment[6]. - The group has production facilities located in Mainland China[6]. - The company is headquartered in Hong Kong, emphasizing its strategic location for business operations[6]. - Carry Wealth Holdings Limited's Chinese name translates to "enduring prosperity," reflecting its long-term vision[6]. - The company is actively involved in the garment industry while also exploring opportunities in securities investment[6]. Financial Performance - The Group's total revenue for 2022 was HK$499.0 million, representing a year-on-year increase of 13.1% from HK$441.1 million in 2021[34]. - The gross profit for 2022 was HK$80.2 million, which is a 31.3% increase compared to HK$61.1 million in 2021[34]. - The loss attributable to equity holders of the Company for 2022 was HK$7.6 million, a significant increase from a loss of HK$19, indicating a 40,031.6% change[34]. - Total assets decreased by 11.9% to HK$254.7 million in 2022, down from HK$289.2 million in 2021[34]. - Total liabilities were reduced by 16.0% to HK$118.3 million in 2022, compared to HK$140.9 million in 2021[34]. - The cash and cash equivalents at year-end were HK$95.7 million, a slight decrease of 1.9% from HK$97.5 million in 2021[34]. - The revenue from the United States market increased by 23.8% to HK$313.9 million in 2022[38]. - The current ratio improved to 1.8 in 2022, up from 1.7 in 2021, reflecting better liquidity[34]. - The gross profit margin increased to 16.1% in 2022, compared to 13.8% in 2021[34]. - The Group's properties, plant, and equipment decreased by 15.4% to HK$59.1 million in 2022[34]. - The Group's basic and diluted loss per share for the year was 0.93 HK cents, compared to 0.00 HK cents in 2021[54]. - The securities investment segment reported a loss of HK$5.0 million, slightly higher than the loss of HK$4.9 million in the previous year[42]. Market and Economic Outlook - The IMF forecasts global economic growth to rise to 2.9% in 2023, with China's economy expected to grow between 5% and 5.5%[44]. - The U.S. economy is projected to grow by 1.4% in 2023, avoiding recession amid declining inflation and low unemployment[44]. - The Group plans to actively explore and develop markets in Europe and America related to its garment manufacturing business[45]. - Order demand from brand customers has turned more conservative as retailers are cautious in sourcing and maintaining inventory levels amid macroeconomic headwinds[100]. Corporate Governance - The executive director team underwent significant changes on February 1, 2023, with multiple appointments and resignations[9][10]. - The roles of chairman and chief executive officer were held by Mr. Li Haifeng until his resignation on February 1, 2023, after which the position of CEO remained vacant[115]. - The Board believes that the current governance structure ensures effective oversight of management and enables prompt decision-making[115]. - The Company maintained compliance with Listing Rules by having at least three independent non-executive directors, representing one-third of the Board[119]. - The Audit Committee is tasked with developing and reviewing the Company's corporate governance policies and practices[129]. - The Company has a strong corporate governance structure to ensure effective oversight and independent access to management for directors[125]. - The Company confirmed compliance with the Model Code for Securities Transactions by Directors, with no incidents of non-compliance noted in 2022[134][136]. - The Company has established a code of conduct for employees regarding securities transactions, ensuring no non-compliance incidents were noted[136]. Risk Management - The board acknowledges its responsibility for preparing financial statements in accordance with statutory requirements and applicable accounting standards[172]. - The board is responsible for evaluating risks and maintaining effective risk management and internal control systems to safeguard shareholders' investments[174]. - The Group's risk management and internal control systems are based on the 2013 COSO Framework and are designed to manage risks rather than eliminate them[179]. - The Audit Committee and Board were satisfied that the risk management and internal control systems were effective and adequate for the year ended 31 December 2022[193]. - An annual internal audit plan was developed to evaluate the effectiveness of the Group's risk management and internal control systems, covering significant business cycles[187]. - Regular training is provided to employees to enhance their risk awareness and management capabilities[180]. Employee and Operational Insights - As of 31 December 2022, the Group had 488 full-time employees, a slight decrease from 491 in 2021[92]. - The Group plans to reduce production scale in Mainland China and allocate more production orders to Southeast Asian countries due to geopolitical risks, which may lead to downsizing in the manufacturing facility at Heshan[98]. - Capital expenditures in advanced manufacturing machinery and equipment with modern technology are expected to incur in the coming year to improve efficiency[101]. - Administrative and other operating expenses increased by 52.5% to HK$76.5 million, primarily due to pandemic-related costs and business expansion[68]. - Finance expenses rose by 147.9% to HK$4.5 million, mainly due to interest rate hikes[70]. Committees and Meetings - The Board held four meetings and one general meeting during the year ended December 31, 2022[114]. - The Audit Committee held three meetings during the year, focusing on financial reporting, external auditor independence, and risk management[139]. - The Remuneration Committee updated its terms of reference on December 30, 2022, to assess executive directors' performance and review remuneration policies[144]. - The investment committee was established in 2014 and is responsible for reviewing and approving investment policies and monitoring securities investment activities[165]. - The investment committee held one meeting during the year, focusing on reviewing investment policies and overseeing investment activities[168].

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布的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公布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。 截至二零二二年十二月三十一日止年度之全年業績 恒富控股有限公司（「本公司」）之董事會（「董事會」）提呈本公司及其附屬公司（統稱「本集團」） 截至二零二二年十二月三十一日止年度之經審核綜合業績。 管理層討論及分析 概覽 本集團的主要業務為多個國際知名品牌製造及貿易成衣產品。本集團利用位於中國大陸鶴 山市的生產設施，亦就其生產流程委聘海外分包商。 此外，本集團的證券投資業務分部買賣於香港聯交所上市的證券。鑑於股市波動，本集團年 內繼續採取保守投資策略。 業績 ...

Financial Performance - For the six months ended June 30, 2022, the Group's revenue amounted to HK$246.1 million, a 47.8% increase compared to HK$166.5 million in the same period of 2021[12]. - Gross profit for the same period reached HK$34.4 million, representing a 43.9% increase from HK$23.9 million in 2021[12]. - Profit attributable to equity holders was HK$3.9 million, a turnaround from a loss of HK$2.8 million in 2021[12]. - Basic and diluted earnings per share were both 0.47 HK cents, compared to a loss per share of 0.34 HK cents in the previous year[12]. - Total comprehensive income attributable to equity holders for the period was HK$3,813,000, compared to a total comprehensive expense of HK$2,296,000 in 2021[97]. - Profit before taxation for the period was HK$3,883,000, a significant turnaround from a loss of HK$2,772,000 in the previous year[92]. - Earnings attributable to equity holders of the Group for the six months ended June 30, 2022, were HK$3,883,000, compared to a loss of HK$2,772,000 in the same period of 2021[155]. Segment Performance - The garment manufacturing and trading segment contributed 85.8% of segment revenue, amounting to HK$211.5 million, up from HK$141.9 million in 2021[17]. - The garment manufacturing and trading segment achieved a revenue of HK$241.63 million for the six months ended June 30, 2022, representing a growth of 47.8% compared to HK$166.5 million in 2021[21]. - The segment recorded a profit of HK$10.9 million for the period, compared to HK$4.2 million in 2021[19]. - Reportable segment profit for garment manufacturing and trading was HK$10,899,000, compared to a loss of HK$3,094,000 in the previous year[140]. Cost and Expenses - The gross profit margin slightly decreased to 14.0%, down from 14.3% in the previous year due to increased costs of raw materials[19]. - Administrative and other operating expenses increased by 17.2% to HK$27.2 million in 2022, up from HK$23.2 million in 2021, primarily due to additional employee remuneration[26]. - The company incurred finance expenses of HK$1,722,000, up from HK$667,000 in the previous year, reflecting increased borrowing costs[92]. Investment and Strategy - The Group continues to adopt a conservative investment strategy in its securities investment business amid market volatility[11]. - The company plans to expand production in Cambodia and Indonesia to enhance overall production capacity and profitability while mitigating risks from Sino-US tensions[59][63]. - The company will maintain a cautious approach to its securities investment business due to expected volatility in equity markets amid concerns over hyperinflation and potential recession[60][63]. Liquidity and Financial Position - The current ratio improved to 2.2 as of June 30, 2022, compared to 1.7 at the end of 2021, indicating a stronger liquidity position[35]. - Bank borrowings decreased to HK$17.7 million as of June 30, 2022, from HK$65.0 million at the end of 2021, with loans denominated in Euro[36]. - Cash and cash equivalents at the end of the period were HK$45,280,000, down from HK$50,182,000 at the end of June 2021[99]. - Current assets decreased to HK$169,835,000 from HK$209,465,000 at the end of December 2021, primarily due to a reduction in cash and bank balances[94]. - Net current assets increased to HK$90,867,000 from HK$85,630,000 at the end of December 2021[96]. Employee and Operational Metrics - The Group employed 519 full-time employees as of June 30, 2022, an increase from 491 employees at the end of 2021[48]. - Short-term benefits for key management personnel decreased to HK$985,000 in the first half of 2022 from HK$1,376,000 in the same period of 2021[172]. Compliance and Governance - The Company has complied with all provisions of the Corporate Governance Code except for the separation of the roles of chairman and chief executive, which are held by Mr. Li Haifeng since April 1, 2017[86]. - The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2022[84]. - The Company has adopted a code of conduct for directors' securities transactions, which meets the standards set out in the Model Code[87]. Market and Economic Conditions - The Group's garment manufacturing and trading business has shown resilience despite challenges posed by the COVID-19 pandemic and global inflation[16]. - The garment business has seen significant improvement, with sales volume exceeding pre-pandemic levels, although the second half of 2022 is expected to remain challenging due to rising raw material and logistics costs[56][58]. Shareholder Information - As of June 30, 2022, Mr. Li Haifeng holds a total of 404,944,690 shares through Dragon Peace Limited, representing 49.50% of the issued share capital[74]. - Mr. Li Haifeng is also a beneficial owner of 9,664,706 shares, which accounts for 1.18% of the issued share capital[74]. - The number of issued and fully paid shares remained constant at 818,042,000 shares throughout the reporting period[165].

Financial Performance - Revenue for the year ended December 31, 2021, was HK$441.17 million, an increase of 52% from HK$290.52 million in 2020[14] - Loss attributable to equity holders for 2021 was HK$19,000, a significant improvement compared to a loss of HK$15.27 million in 2020[14] - Total assets increased to HK$289.23 million in 2021 from HK$246.26 million in 2020, representing a growth of 17.5%[16] - Total liabilities rose to HK$140.88 million in 2021, up from HK$107.00 million in 2020, indicating a 31.6% increase[16] - Total equity for the company was HK$148.35 million in 2021, compared to HK$139.25 million in 2020, reflecting a growth of 6.1%[16] - Revenue increased to HK$441.2 million, representing a 51.9% growth compared to HK$290.5 million in the previous year[37] - Gross profit rose to HK$61.1 million, a 29.9% increase from HK$47.0 million[37] - The loss attributable to equity holders of the Company significantly reduced to HK$19 thousand from HK$15.3 million, marking a 99.9% improvement[37] - Total assets grew by 17.4% to HK$289.2 million, up from HK$246.3 million[37] - The gross profit margin decreased to 13.9% from 16.2% in 2020, primarily due to rising raw material prices and labor costs[64] Operational Highlights - The company has production facilities located in Mainland China, focusing on garment products for internationally renowned brands[5] - The garment manufacturing and trading segment's revenue from the US and Europe reached HK$371.8 million, accounting for 84.3% of total segment revenue[42] - Contributions from products of Southeast Asian countries increased to 47% in 2021, up from 37% in 2020, indicating a shift in production strategy[64] - The Company plans to continue exploring and developing European and American markets related to its garment manufacturing business[48] - The strategic shift of production to Southeast Asian countries has resulted in satisfactory gross profit margins and stability, with plans to further expand production in these regions[80] Financial Position and Liquidity - Cash and cash equivalents increased to HK$97.5 million (2020: HK$87.1 million), reflecting a healthy financial position[68] - Working capital represented by net current assets amounted to HK$85.6 million (2020: HK$78.5 million) indicating improved liquidity[68] - Bank borrowings surged by 224.7% to HK$65.0 million, compared to HK$20.0 million last year[37] - The current ratio decreased by 8.7% to 1.7 from 1.9[37] Governance and Compliance - The Company has adopted a code of conduct for directors' securities transactions that meets or exceeds the standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers[106] - The Audit Committee is responsible for developing and reviewing the Company's corporate governance policies and practices[103] - The Company has established a written guideline for employees and directors regarding insider information compliance, with no incidents of non-compliance noted in 2021[111] - The Company has adopted a shareholder communication policy to ensure timely access to information for shareholders[177] - The Company maintains a corporate website to disseminate information, which will be available for at least five years[177] Challenges and Future Outlook - The Group anticipates continued challenges in 2022 due to unpredictable pandemic factors and rising global inflation, which may lead to tighter fiscal policies in the US[78] - Consumer demand for apparel products is expected to rebound strongly as people adapt to the "New Normal" under the pandemic[79] - The Hong Kong stock market outlook for 2022 shows positive signals, but remains under pressure from new regulations and global trade tensions[83] - The Group will maintain a cautious approach towards its securities investment business due to expected volatility in the Hong Kong stock market[84] Employee and Board Structure - The Group employed 491 full-time employees as of 31 December 2021, an increase from 487 in 2020, reflecting growth in operations[74] - The Company has appointed at least three independent non-executive directors, representing one-third of the Board, with at least one possessing appropriate professional qualifications or financial management expertise[95] - The current Nomination Committee consists of four members, with three being independent non-executive directors[132] Risk Management - The Group's risk management and internal control systems are based on the 2013 COSO Framework and are designed to manage risks rather than eliminate them[163] - The Risk Management Supervisory Committee (RMSC) identified significant risks and prepared a risk matrix report prioritizing risks based on their likelihood and impact[165] - Monthly independent internal audits were performed by RMSC members to assess the effectiveness of selected internal controls across various business cycles[165] Shareholder Information - The Company does not recommend the payment of a final dividend for the year ended 31 December 2021, consistent with the previous year where no dividend was paid[193] - Shareholders holding at least one-tenth of the paid-up capital can requisition a special general meeting[182] - All resolutions at general meetings are decided by poll, enhancing minority shareholders' rights[183]