Business Transformation and Strategy - Bonjour has transformed from a single-category beauty retailer to a digital ecosystem integrating "cross-border eCommerce + smart logistics + AI marketing" over five years[13]. - The company is focused on building an industrial ecology by customizing new business models and services[27]. - Bonjour plans to enhance HKMall's B2B capabilities, targeting completion of the SBBC ecosystem by late 2025, connecting suppliers, distributors, and end consumers[21]. - The company aims to deepen AI technology applications to optimize supply chains and enhance operational efficiency[14]. - Bonjour's strategic investments may impact short-term profits but are expected to lay the foundation for long-term growth[19]. - The company is expanding its platform to support local merchants in establishing e-shops, addressing the high costs of physical stores[110]. - The Group has terminated traditional physical retail operations to focus resources on enhancing the HKMALL eCommerce platform and developing a new B2B business model via O2O operations in Mainland China[182][184]. - The Group is restructuring its retail infrastructure by exiting traditional markets and reallocating resources to digital retail models, which is expected to enhance long-term profitability despite short-term turnover impacts[196]. Market and Product Development - The HKMall platform covers 13 major product categories, aiming to realize the vision of "Global Products for Global Consumers"[16]. - HKMALL has expanded its product range from pure cosmetics to include "Beauty, Health & Lifestyle" products, increasing the number of SKUs to over 370,000 and suppliers to 3,600 as of December 31, 2024, compared to 310,000 SKUs and 3,200 suppliers in 2023[183][185]. - The flagship platform HKMALL offers a diverse range of beauty, skincare, health, and lifestyle products, catering to various consumer needs through both outright ownership and consignment models[200]. - HKMALL features a dedicated e-commerce section for beauty and skincare, aggregating over 100 renowned international brands, enhancing the consumer experience with premium product offerings[198]. Logistics and Infrastructure - The company has fully operationalized the Huangpu Bonded Warehouse and successfully launched the Hainan Bonded Warehouse, expanding its logistics network[17]. - Significant investments have been made to establish bonded warehouse operations in Hainan and Guangzhou, enhancing cross-border sales capabilities[187][189]. - The Group is making significant investments in bonded operations in Mainland China, including the construction of bonded warehouses and cross-border vending machines, aimed at improving cross-border e-commerce capabilities and supply chain efficiency[196]. Financial Performance - For the twelve months ended December 31, 2024, the company recorded revenue of approximately HK$80.5 million, a decrease of approximately 91.5% compared to HK$950.2 million in 2023[165]. - The company reported a loss of approximately HK$134.4 million for the period, compared to a profit of approximately HK$54.0 million in 2023[166]. - The gross profit margin improved significantly to 40.75% in 2024 from 6.64% in 2023, despite the decline in turnover[165]. - The total number of retail stores in Hong Kong and Macau decreased from 6 to 3 during the period[165]. - The company has resolved not to declare any interim dividend for the period, consistent with the previous year[166]. Management and Leadership - Mr. Chen has over 20 years of experience in innovating digitalized management systems for traditional enterprises[26]. - Since 2020, Mr. Chen has been upgrading Bonjour Group into an industrial innovation platform of "technology + consumption"[27]. - The management team includes experienced professionals with diverse backgrounds in finance, law, and business management[30][32][37][39][43][46]. Corporate Social Responsibility and Community Engagement - Since the outbreak of the pandemic, the Group has supplied over 20 million face masks at affordable prices, gaining coverage from over 17 media outlets and being recognized as one of the listed companies fulfilling CSR in Hong Kong[53]. - The company actively participates in charitable and socially responsible activities, contributing to society and supporting SMEs during difficult times[153]. - The company donated 100,000 rapid test kits in collaboration with Futu Securities International to the Hong Kong Federation of Education Workers TechEd Centre[154]. - The company is involved in various charitable events, including the "Walk for Millions" organized by The Community Chest of Hong Kong[154]. Awards and Recognition - Bonjour was listed on the Main Board of The Stock Exchange of Hong Kong (Stock Code: 653), receiving 17 times oversubscription for its initial public offering, establishing its leading status in the beauty and cosmetics industry in Hong Kong[51]. - The Group was awarded the "Top 100 Biz Awards" by Metro Finance in 2024, highlighting its recognition in the business sector[92]. - The Group has been awarded the "IFAPC Outstanding Listed Companies Award" for four consecutive years, reflecting its consistent performance in the market[96]. - The Group has received multiple awards, including the "Outstanding Listed Companies Award 2024" from The Hong Kong Institute of Financial Analysts and "Top 100 Business Awards 2024" from Metro Finance[149]. Future Outlook - The company aims to drive growth through innovation, sustainable practices, and regional collaboration in the evolving market landscape[176]. - The Greater Bay Area presents a significant opportunity for cross-border e-commerce, with disposable income exceeding RMB 2.3 trillion[175]. - The Group remains optimistic about the growth potential of cross-border e-commerce and omnichannel retail, emphasizing a commitment to building a more resilient business model[195].

Financial Performance - For the twelve months ending December 31, 2024, the company reported a revenue of HKD 80,546,000, a significant decrease of 91.5% compared to HKD 950,271,000 for the same period in 2023[4] - The cost of goods sold for the same period was HKD 47,751,000, down from HKD 887,219,000, resulting in a gross profit of HKD 32,795,000, a decline of 48.0% year-over-year[4] - The company incurred an operating loss of HKD 51,945,000, contrasting with an operating profit of HKD 43,217,000 in the previous year[4] - The net loss for the period was HKD 134,367,000, compared to a profit of HKD 53,971,000 in 2023, indicating a substantial decline in profitability[6] - The company reported a basic and diluted loss per share of HKD 56.5 cents, compared to earnings of HKD 29.1 cents per share in the previous year[4] - The group recorded a net cash outflow from operating activities of HKD 64,787,000, with current liabilities amounting to HKD 133,906,000 as of the reporting date[19] - Other income for the twelve months ended December 31, 2024, totaled HKD 5,379,000, a decrease from HKD 9,628,000 in 2023[27] - The company reported a net loss attributable to shareholders of HKD (134,367,000) for the twelve months ended December 31, 2024, compared to a profit of HKD 53,971,000 in 2023[32] - The company incurred a loss of approximately HKD 134,400,000 during the period, compared to a profit of HKD 54,000,000 in 2023[47] Assets and Liabilities - The company's total assets decreased to HKD 329,462,000 from HKD 409,733,000, reflecting a reduction of 19.6% year-over-year[8] - Current liabilities increased to HKD 226,138,000 from HKD 147,369,000, representing a rise of 53.4% compared to the previous year[9] - The company's cash and bank balances decreased to HKD 6,448,000 from HKD 16,109,000, a decline of 60.0% year-over-year[8] - The total accounts receivable increased significantly to HKD 22,800,000 in 2024 from HKD 2,003,000 in 2023, with a net accounts receivable of HKD 20,687,000 after expected credit loss provisions[39] - The company’s total borrowings increased to HKD 64,033,000 in 2024 from HKD 47,513,000 in 2023, with other borrowings rising significantly[40] - As of December 31, 2024, the net current liabilities amounted to approximately HKD 133,906,000, compared to HKD 53,000,000 on December 31, 2023[77] - The group's asset-to-liability ratio as of December 31, 2024, was approximately 0.86, compared to 0.4 on December 31, 2023[78] Revenue Breakdown - Revenue from the sale of beauty, health, and lifestyle products was HKD 51,079,000 for the year ended December 31, 2024, down from HKD 64,824,000 in 2023, representing a decrease of approximately 21%[21] - Revenue from technology product sales was HKD 29,467,000 for the year ended December 31, 2024, significantly lower than HKD 885,447,000 in 2023, indicating a decline of approximately 97%[21] - Total revenue for the group was HKD 80,546,000 for the year ended December 31, 2024, compared to HKD 950,271,000 in 2023, reflecting a decrease of approximately 92%[21] - Revenue from Hong Kong for the twelve months ended December 31, 2024, was HKD 76,179,000, compared to HKD 934,619,000 for the previous year[26] - Major clients contributed significantly to revenue, with Client A generating HKD 22,320,000 in 2024, while Client B contributed HKD 14,357,000, down from HKD 393,878,000 in 2023[27] Strategic Initiatives - The group implemented various cost control measures to tighten operating costs and is actively negotiating with external parties and banks to secure new financing sources[21] - The group plans to change its financial year-end from December 31 to June 30, with the next financial year-end set for June 30, 2025[20] - The group’s major operating decisions are divided into two reportable segments: wholesale and retail of beauty, health, and lifestyle products, and wholesale of technology products[22] - The group is focusing on sustainable growth by exiting traditional retail markets and reallocating resources to digital new retail models, which is expected to strengthen long-term profitability despite short-term revenue impacts[60] - The group is enhancing its retail ecosystem through a multi-channel approach, optimizing supply chain dynamics based on consumer behavior insights[71] Investments and Future Outlook - The group is investing heavily in the construction of bonded warehouses in Hainan and Guangzhou to enhance cross-border sales capabilities and multi-channel strategies[58] - The group maintains an optimistic outlook on the growth potential of cross-border e-commerce and omnichannel retail, emphasizing the need for a resilient and flexible business model[62] - The group expects to leverage synergies between existing retail infrastructure and advanced digital platforms as new businesses approach commercialization[76] - The group is poised to leverage post-pandemic opportunities, aiming to create sustainable returns for shareholders while reinforcing its leadership in the digital economy[74] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee external audits and risk management assessments[102] - The company has complied with the corporate governance code as stipulated in the listing rules throughout the period[100] - The Nomination Committee has been restructured, now consisting of three members: Mr. Zhen Zhuoning (Chairman), Ms. Zhao Lijuan, and Mr. Guo Zhicheng[105] - Ms. Zhao Lijuan has been appointed as a member of the Nomination Committee effective February 28, 2025[105] - The Board of Directors includes Executive Directors Mr. Chen Jianwen and Ms. Zhao Lijuan, along with Independent Non-Executive Directors Mr. Guo Zhicheng, Mr. Li Guanqun, and Mr. Zhen Zhuoning[105] Cost Management - Employee costs, including director remuneration, have been significantly reduced to approximately HKD 43,900,000, down from HKD 59,100,000 in the previous year[92] - The group implemented strict cost control and risk mitigation measures to ensure a return to profitability and focus on sustainable technology-driven growth[76]

Business Transformation and Strategy - Bonjour has transformed its business model from direct eCommerce sales to a global platform for merchants, expanding its product range from over 4,000 SKUs to nearly 700,000 SKUs[7][8] - The HKMall platform now categorizes products into 13 major categories and 355 subcategories, enhancing the shopping experience for both merchants and consumers[8] - HKMall's services cover more than 30 countries and regions, including the UK, EU, North America, Australia, New Zealand, Southeast Asia, Turkey, the Middle East, and Mainland China[8] - The introduction of the "Bonjour Global Duty Free Outlet" has provided a collaborative space for merchants, enhancing the integration of online and offline operations[9] - HKMall is dedicated to offering one-stop services for taxation, logistics, and warehousing, effectively reducing costs and risks associated with cross-border sales[9] - Bonjour aims to strengthen its brand advantages across four collaborative business areas: "HKMall", "Bonjour Technology", "Beauty and Health Industries", and "Innovative Industries"[11] - The company is focused on developing a fully digitized operational model and diverse marketing services to optimize the consumer shopping experience[11] - Bonjour's strategy emphasizes empowering merchants and SMEs, enhancing consumer and business happiness, and strengthening Hong Kong's position as a cross-border trade service center[11] Leadership and Management - Mr. Chen has over 20 years of experience in innovating digital management systems for traditional enterprises, focusing on corporate governance and marketing strategies[12] - Since 2020, Mr. Chen has been leading the transformation of Bonjour Holdings into a "technology + consumption" industrial innovation platform[12] - Ms. Chiu holds a first-class honors bachelor's degree in economics and an executive MBA, with extensive experience in accounting and business management[18] - Mr. Wong is a fellow member of The Hong Kong Institute of Certified Public Accountants and has significant experience in risk controls and internal audit[20] - Mr. Wan had over 26 years of experience in senior management positions in the financial industry before his passing in August 2024[14] Digital Transformation and Innovation - The company is committed to digital transformation and technological innovation, aiming to create new business models and revenue sources[12] - The Group's WeChat Mall was officially launched to strengthen online sales, allowing customers to shop conveniently during the pandemic[29] - The Group invested in Evolut Holdings Pte. Ltd., a start-up registered in Singapore, to capitalize on the rapid growth of eCommerce in the Asian market[30] - Bonjour Technology Services Limited signed a strategic cooperation memorandum with Huawei International to develop innovative applications of new retail technology services[33] - The Group achieved recognition for its digital transformation, winning the "Outstanding Listed Companies Award 2021" from the Hong Kong Institute of Financial Analysts and Professional Commentators[36] - Bonjour Technology, in collaboration with Alibaba Cloud, won the "Best Retail Innovation – Technology Application Prize" for retailer group from the Hong Kong Retail Technology Industry Association[37] Financial Performance - The company reported a financial summary indicating a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the first half of 2024[96] - Revenue for the six months ended June 30, 2024, was approximately HK$55.7 million, a decrease of approximately 21.8% compared to HK$71.2 million in the same period of 2023[104] - Gross profit for the same period was HK$14.4 million, resulting in a gross profit margin of 25.8%, down from 32.7% in 2023[104] - Operating profit attributed to owners of the Company was HK$7.5 million, significantly lower than HK$55.2 million in 2023[104] - The Group recorded a profit for the period of approximately HK$0.1 million, compared to HK$48.7 million in the previous year[106] Market Expansion and Product Development - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[96] - New product launches included a line of eco-friendly products, expected to contribute an additional HKD 200 million in revenue by year-end[96] - The Group's global eCommerce platform, HKMALL, has expanded to 34 countries and operates across 41 market platforms[110] - The newly developed HKMALL 2.0 platform provides customers with quick access to various merchants and offers a personalized shopping experience, contributing to over 10% sales growth compared to the previous year as of June 2024[115] Corporate Governance and Social Responsibility - The company expresses gratitude for the support from shareholders, board members, and partners, which is crucial for its future development[11] - The company has established various committees, including remuneration and nomination committees, to enhance governance and business development[14] - The Group actively engages in charitable and environmental activities, supporting SMEs during challenging times[94] - The Group's commitment to corporate social responsibility is reflected in its participation in various community support initiatives[94] Awards and Recognition - The Group has received multiple local and international awards, including the Top 100 Business Awards 2024 and the Outstanding Listed Companies Award 2023[92] - HongKong Mall Limited won the "Outstanding ECommerce Platform of the Year" award from BUSINESS INNOVATOR[46] - The Group was awarded the "2022 Quality Tourism Service Award (Bronze)" and "Outstanding Quality Business Award" by the Hong Kong Tourism Board[49] - The Group's efforts in environmental, social, and governance (ESG) practices earned it the ESG Rising Star Gold Award[92] Challenges and Future Outlook - The Group's overall turnover decreased by approximately 21.8% in 2024, with gross margins remaining at 25.8% compared to 32.7% in 2023[130] - The management provided a future outlook, projecting a revenue growth of 10-12% for the second half of 2024[96] - The company has set a target to reduce operational costs by 5% through efficiency improvements in the next fiscal year[96] - A commitment to sustainability was reiterated, with plans to achieve carbon neutrality by 2030[96]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 55,697 thousand, a decrease of 21.9% compared to HKD 71,206 thousand for the same period in 2023[2] - Gross profit for the same period was HKD 14,391 thousand, down from HKD 23,280 thousand, reflecting a decline in profitability[2] - The net profit for the six months ended June 30, 2024, was HKD 127 thousand, significantly lower than HKD 48,658 thousand in the previous year, indicating a substantial drop in earnings[3] - Total comprehensive income for the period was HKD 154 thousand, compared to HKD 43,864 thousand in the prior year, showing a decrease in overall financial performance[3] - The group reported a profit of HKD 127,000 for the six months ended June 30, 2024, compared to HKD 48,658,000 in 2023, representing a significant decrease[21] - The group's overall revenue decreased by approximately 21.8%, with a gross profit margin of 25.8% compared to 32.7% in the previous year[42] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 442,672 thousand, an increase from HKD 409,733 thousand as of December 31, 2023[4] - Current assets decreased to HKD 79,334 thousand from HKD 94,375 thousand, indicating a reduction in liquidity[4] - Total liabilities increased to HKD 171,746 thousand from HKD 147,369 thousand, reflecting a rise in financial obligations[5] - The total assets for the group as of June 30, 2024, were HKD 522,006,000, with total liabilities of HKD 239,616,000[14] - The company reported a significant reduction in administrative expenses to HKD 44,886 thousand from HKD 66,694 thousand, indicating cost-cutting measures[2] - Current liabilities increased from approximately HKD 53,000,000 to HKD 92,400,000 between December 31, 2023, and June 30, 2024[42] Revenue Breakdown - Revenue from Hong Kong for the six months ended June 30, 2024, was HKD 52,901,000, a decrease of 14.0% compared to HKD 61,559,000 in 2023[16] - Revenue from Macau for the same period was HKD 2,796,000, down 71.0% from HKD 9,647,000 in 2023[16] - Customer A generated no revenue in 2024, while Customer B contributed HKD 14,357,000, and Customer C and D contributed HKD 7,959,000 and HKD 7,151,000 respectively[17] - The gross profit for the wholesale and retail segment of beauty, health, and lifestyle products was HKD 14,104,000, while the gross profit for wholesale technical products was HKD 287,000, leading to a total gross profit of HKD 14,391,000 for the six months ended June 30, 2024[14] E-commerce and Digital Transformation - The company is engaged in the wholesale and retail of beauty, health, and lifestyle products, with a focus on e-commerce operations in Hong Kong and Macau[7] - The company launched "HKMALL," a global e-commerce platform covering 34 countries and 41 market platforms[35] - The group has prepared for the "new normal" in online shopping, with its cross-border e-commerce platform, HKMALL, ready to meet changing consumer habits[42] - The online sales in Hong Kong accounted for 7.8% of total retail sales in June 2024, indicating a shift towards e-commerce[33] - The newly developed "Hong Kong Cat" 2.0 platform provides customers with a personalized shopping experience, enhancing the speed and transparency of digital sales[36] Cost Management - The group has implemented various cost control measures to tighten operational costs[11] - Employee costs were approximately HKD 23,800,000, significantly reduced from HKD 29,900,000 in 2023[49] - The operating cash outflow for the period was approximately HKD 20,100,000, compared to HKD 35,100,000 in the previous year[44] Financing and Support - The group is actively negotiating with external parties and banks to secure new financing sources to improve liquidity and operational funding[11] - The group’s major shareholder has committed to continue providing financial support for daily operations to meet third-party financial obligations for at least the next 12 months[11] - The company is considering investments and capital asset plans to improve profitability and liquidity[50] Market Trends and Future Outlook - The cosmetics market is projected to grow at an annual rate of 2.2% from 2024 to 2028[33] - The group aims to utilize digital transformation to improve financial performance and achieve long-term sustainable growth[42] - The group is committed to expanding its cross-border wholesale business, significantly promoting overseas suppliers' product sales in the domestic market[39] Employee and Governance - As of June 30, 2024, the company employed 129 full-time and part-time employees, a decrease from 187 in 2023[49] - The company has established an audit committee, which held two meetings during the period to review external audits and risk management[55]

Growth and Expansion - HKMall has grown from over 4,000 SKUs to exceeding 300,000 SKUs, offering products in 13 major categories and 355 subcategories[9]. - The platform has accumulated nearly 1.5 million end consumers and established connections with over 70 global payment gateway and logistics companies, covering more than 30 countries and regions[10]. - HKMall aims to support merchants in improving their global trade service levels through digital platform operations[12]. - The platform's services are designed to provide a convenient cross-border trading experience for both consumers and merchants[9]. - The Group's gross merchandise value (GMV) for completed orders on the O2O platform, including beauty and technology products, amounted to approximately HK$1.7 billion for the year[189]. - The Group offers over 300,000 SKUs and distributes over 100 well-known brands, including exclusive distribution rights for several international brands[192]. Digital Transformation and Technology - The transition from HKMall 1.0 (BBC) to HKMall 2.0 (SPBBC) aims to enhance global supply chain operations for merchants[11]. - The digital transformation has enabled nearly fully automated management of tens of thousands of SKUs, enhancing operational efficiency[6]. - HKMall is transitioning to a fully automated system, handling hundreds of thousands of SKUs, supported by Bonjour Technology[17]. - The new development philosophy of "technology + consumption" aims to enhance HKMall's position as a global cross-border eCommerce platform[17]. - Bonjour Technology aims to promote digital transformation and industrial innovation through various digital solutions[112]. - The Group has implemented various leading new retail technologies on HKMALL, enhancing the online shopping experience for customers[185]. Financial Performance - The company's turnover for 2023 was HK$950,271,000, showing a significant increase from HK$185,662,000 in 2022[151]. - Gross profit for 2023 was HK$63,052,000, with a gross profit margin of 6.64%, compared to 18.18% in 2022[151]. - Operating profit for 2023 was HK$67,992,000, resulting in an operating profit margin of 7.16%, a recovery from the previous year's loss[151]. - The profit for the year attributed to the owners of the company was HK$53,971,000, a turnaround from a loss of HK$167,221,000 in 2022[151]. - Total liabilities significantly reduced to HK$221,872,000 in 2023 from HK$350,019,000 in 2022, improving the financial position[151]. - The total equity attributed to the owners of the company increased to HK$282,236,000 in 2023 from HK$155,388,000 in 2022[151]. Retail Strategy and Operations - Bonjour has launched the "Bonjour Global Duty-Free Outlets" on HKMall to cater to post-pandemic shopping experiences[13]. - HKMall plans to collaborate with KOLs, MCN agencies, and merchant channels to provide innovative cross-border sales services[14]. - The Group operated a total of 6 retail stores in Hong Kong and Macau as of December 31, 2023, down from 10 in 2022[173]. - The Group's strategic closure of underperforming stores has been part of its cost control measures during its transformation[184]. - The Group's direct broadcasting studio for KOLs spans over 10,000 sq. ft., enhancing consumer interaction and loyalty[191]. Awards and Recognition - The Group was awarded the "IFAPC Outstanding Listed Companies Award 2023" by IFAPC[97]. - Bonjour Technology won the "Best Retail Innovation – Technology Application Prize" awarded by the Hong Kong Retail Technology Industry Association, highlighting its digital transformation achievements[65]. - The Group's digital transformation efforts were recognized with the "Outstanding Listed Companies Award 2021" from the Hong Kong Institute of Financial Analysts and Professional Commentators[71]. - The Group has received multiple local and international awards, recognizing its leadership in eCommerce and beauty retail, including the 2023 Corporate Excellence Award from JCI Queenways[144][145]. Community and Social Responsibility - Since the outbreak of the pandemic, the Group has supplied over 20 million face masks at affordable prices, gaining coverage from over 17 media outlets and being recognized as one of the listed companies fulfilling CSR in Hong Kong[51]. - The Group actively engages in charitable and environmental initiatives, contributing to society and supporting SMEs during challenging times[147]. - Bonjour Technology donated 100 sets of smart building blocks to the Tsuen Wan and Kwai Tsing District Principals Association[115]. Future Outlook - Looking ahead to 2024, the Group remains optimistic about the retail industry outlook, driven by opportunities in the Greater Bay Area and expected growth in digital eCommerce[178]. - The Group plans to continue its core focus on retail transformation and the deployment of a global omnichannel system to enhance customer experience[179].

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 950,271,000, a significant increase from HKD 185,662,000 in 2022, representing a growth of approximately 411%[5] - Gross profit for the year was HKD 63,052,000, compared to HKD 33,754,000 in the previous year, indicating a growth of about 87%[5] - The net profit for the year was HKD 53,971,000, down from HKD 167,221,000 in 2022, reflecting a decrease of approximately 68%[5] - The group reported total revenue of HKD 950,271,000 for the year ended December 31, 2023, a decrease from HKD 1,185,662,000 in 2022, representing a decline of approximately 19.8%[24] - The group reported a pre-tax profit of approximately HKD 54.6 million, significantly down from HKD 252.5 million in the previous year[124] Assets and Liabilities - The company reported a significant increase in total assets, with net assets rising to HKD 282,236,000 from HKD 155,388,000 in the previous year, an increase of about 82%[8] - The group’s total liabilities as of December 31, 2023, amounted to HKD 504,108,000, with net current liabilities of HKD 52,994,000[30] - The company's non-current assets in Hong Kong decreased to HKD 38,187,000 in 2023 from HKD 54,310,000 in 2022, a decline of approximately 29.7%[55] - The total liabilities increased significantly, with current liabilities rising to HKD 42,458 thousand in 2023 from HKD 13,282 thousand in 2022[77] Cash Flow and Financing - The cash flow forecast covers a period of not less than 12 months from December 31, 2023, with available bank financing of HKD 72,000,000 and HKD 36,000,000 from external parties[20] - The group reported a net cash outflow from operating activities of HKD 58,951,000 as of December 31, 2023[30] - The group's cash and bank balance as of December 31, 2023, was approximately HKD 16,109,000[30] - Net cash inflow from financing activities was approximately HKD 50,400,000, compared to a net outflow of HKD 358,000,000 in 2022[145] Operational Efficiency - The company has implemented various cost control measures to tighten operational costs and is actively negotiating with external parties and banks to secure new financing sources[18] - The company recorded a decrease in administrative expenses to HKD 116,059,000 from HKD 154,641,000, a reduction of approximately 25%[5] - The company has recognized a gain from the termination of consolidation of subsidiaries amounting to HKD 102,996,000 for the year[5] Market Performance - Revenue from beauty, health, and lifestyle products was HKD 64,824,000 in 2023, down from HKD 75,481,000 in 2022, indicating a decrease of about 14.0%[24] - Revenue from technology products was HKD 885,447,000 in 2023, compared to HKD 110,181,000 in 2022, reflecting a significant decline of approximately 19.5%[24] - Despite a 20% decline in store sales, sales of technology products grew sevenfold compared to 2022, and e-commerce business increased by 2%[141] Shareholder Information - The basic and diluted earnings per share decreased to HKD 1.5 from HKD 4.8 in the previous year, a decline of approximately 69%[5] - The company did not recommend any interim or final dividends for the current and prior years[63] - The company is considering a dividend policy to enhance shareholder value, including the potential distribution of bonus shares or cash dividends[121] Strategic Initiatives - The company has established strategic partnerships for innovation and incubation in the beauty industry within the Greater Bay Area[98] - The group plans to continue transforming traditional beauty product retail into a new business ecosystem, including a full range of "beauty, health, and lifestyle" products[138] - The group aims to capture significant market opportunities in the Greater Bay Area and Asia with its new "Health" services, leveraging strategic discussions with top medical beauty experts[116] Corporate Governance - The company has established good corporate governance practices and adhered to the relevant rules throughout the year[175] - The audit committee has reviewed the consolidated financial statements for the year, aligning with the figures provided by the external auditor[163] - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023, in accordance with Hong Kong Financial Reporting Standards[183]

Youth Entrepreneurship and Incubation - The Guangdong-Hong Kong-Macao Youth Entrepreneurship Incubator has conducted a total of 318 exchange activities over the past five years, attracting more than 44 million participants both on-site and online[14]. - The incubator has established cooperation with 36 international and Hong Kong-Macao platforms, enhancing the industry-university-research funding system[13]. - The Hong Kong-Guangdong-Macao Youth Entrepreneurship Incubator has secured a combined incubator space exceeding 200,000 square feet, facilitating various services for hundreds of incubated enterprises[54]. - The Group has engaged in deep collaboration with the Guangzhou incubator, providing capital investment and various support services to incubated enterprises[54]. E-Commerce and Digital Transformation - HongKong Mall was awarded the "Outstanding ECommerce Platform of the Year of 2022" and served as the designated online sales livestreaming platform for the "International Beauty, Education, Wellness Expo 2022"[17]. - The digital transformation initiatives have led to the development of a global cross-border eCommerce platform, HongKong Mall[48]. - The Group's global expansion strategy is now focused on digitalization, with eCommerce performance becoming a crucial component of its strategic transformation[53]. - The Group aims to enhance operational efficiency and reduce costs through digital transformation and paperless transactions[147]. - HKMALL has expanded its functionality to provide a one-stop service for SMEs, allowing them to quickly digitize their traditional businesses[146]. - The Group's strategic focus is on leveraging technology to accelerate consumption and create an innovative business ecosystem[144]. Business Performance and Financials - The Group's overall turnover decreased by approximately 41.4% in the first half of 2023, while gross margins improved to 32.7% compared to 20.3% in 2022[153]. - The Group achieved a profit of approximately HK$48.7 million in the first half of 2023, down from approximately HK$252.5 million in 2022[153]. - As of June 30, 2023, the Group's cash and bank deposits amounted to approximately HK$18.4 million, an increase from approximately HK$17.9 million as of December 31, 2022[159]. - Net current liabilities decreased from approximately HK$169.7 million as of December 31, 2022, to approximately HK$116.2 million as of June 30, 2023[159]. - The Group's net debt ratio improved to approximately 0.66 as of June 30, 2023, down from approximately 0.89 as of December 31, 2022[165]. Awards and Recognition - Bonjour Technology received the "Best Retail Innovation Prize" from the Hong Kong Retail Technology Industry Association[10]. - The company has received the "2022 Quality Tourism Service Award (Bronze)" and "Outstanding Quality Business Award" from the Hong Kong Tourism Board[42]. - The Group was awarded "The ESG Rising Star Gold Award" and "Outstanding ESG Company Silver Award" in Environmental, Social Responsibility, and Corporate Governance[72]. - The Group's digital transformation efforts were recognized with the "Outstanding Listed Companies Award 2021" from the Hong Kong Institute of Financial Analysts and Professional Commentators[95]. Strategic Partnerships and Collaborations - HongKong Mall signed a cooperation agreement with the Harbin Women Entrepreneurs Association to promote collaboration among enterprises[18]. - A strategic cooperation agreement was signed with Huawei International to develop innovative applications of new retail technology services[71]. - The Group signed a cooperation memorandum with China Resources Capital Management and Loving Home Foundation to establish a strategic partnership focused on social responsibility in Hong Kong[120]. - Bonjour Technology signed a strategic cooperation agreement with China Resources Capital Investment Management to promote the upgrading of Hong Kong's traditional industries[94]. Community Engagement and Corporate Social Responsibility - The Group has supplied over 20 million face masks at affordable prices since the outbreak of the pandemic, gaining media coverage from over 17 outlets and being recognized as one of the listed companies fulfilling CSR in Hong Kong[66]. - The Group donated 100 sets of smart building blocks to the Tsuen Wan and Kwai Tsing District Principals Association[104]. - The Group sponsored cash coupons worth HKD500,000 for the "Yau Tsim Mong Shopping Festival" to support small vendors in transforming to smart retail[73]. Product and Service Offerings - HongKong Mall has over 200,000 SKUs available, including skincare products, cosmetics, electronic products, food, and health supplements[24]. - The platform has exceeded 1 million members, with an average purchase amount of approximately HK$300 to HK$400 per consumer[24]. - The Group provides over 100,000 stock-keeping units and distributes more than 100 well-known brands, including exclusive distribution of brands like Suisse Reborn and Dr. Bauer[129]. - Bonjour Technology aims to promote digital transformation and industrial innovation, helping enterprises reduce costs and improve efficiency through various digital solutions[109]. Innovation and Technology Development - Bonjour Technology has developed a comprehensive catering management system that integrates various operational systems, including online procurement and reservation systems, to support the catering industry[5]. - The "AIO System" has been developed to empower traditional businesses with digital intelligence, marking a shift from being solely a beauty retail company[53]. - The Group's proactive and innovative approach has led to recognition as a model in the retail technology sector in Hong Kong, winning the "Best Retail Innovation – Technology Application Prize"[72]. - Bonjour Technology won the "Outstanding All-round Smart Retail Application Solutions" award at the "Smart Living Partnership Awards 2021" for its innovations in digital new retail applications[96]. Market Trends and Future Outlook - The pandemic-related border closures prompted the Group to innovate and explore new sustainable tracks for future growth[52]. - The focus on "technology + consumption" is seen as a new race track for the future of traditional service industries in Hong Kong[52]. - The Group is actively seeking sustainable and environmentally friendly products to meet changing consumer demands[143]. - The Group is committed to providing SMEs with high-quality eCommerce services and intelligent retail solutions to facilitate their digital transformation[126].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，且表明不會就因本公佈全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Bonjour Holdings Limited 卓悦控股有限公司 （於開曼群島註冊成立之有限公司） 653 （股份代號： ） 截至二零二三年六月三十日止六個月之中期業績公佈 卓悅控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其 附屬公司（統稱「卓悅」或「本集團」）截至二零二三年六月三十日止六個月（「期內」或 「回顧期內」）之未經審核綜合中期業績（「中期業績」），連同二零二二年同期之比較 數字。此等中期業績未經審核，惟已經由本公司審核委員會（「審核委員會」）審閱。 ...

Digital Transformation and Technology - The group has shifted its development focus to "Technology + Consumption" since September 2020, emphasizing innovation and digital transformation[1] - The group has begun providing digital transformation services to traditional enterprises, including systems for the restaurant industry and educational institutions[6] - The group aims to continue driving digital applications and technology development, focusing on upgrading consumer-facing operations[13] - The company is focusing on digital transformation in retail, shifting from traditional models to an O2O (online-to-offline) consumption model[165] - The company has established a partnership to provide comprehensive technical support for local community stores, promoting digital transformation in Hong Kong's social welfare sector[163] - The company is leveraging big data and smart technology to transform all stores into O2O new retail stores, enhancing customer shopping experiences[165] - The company is transitioning from a traditional beauty retailer to a global e-commerce entity, focusing on "technology + consumption" since 2020[187] E-commerce and Market Expansion - The "Hong Kong Cat" e-commerce platform has expanded its services from B2C to S-BB-C, reaching 34 countries and regions globally[5] - The group has partnered with over 80 marketplaces, expanding its e-commerce service reach to most countries and regions with e-commerce capabilities[17] - The company plans to diversify its product offerings in the "Beauty, Health & lifestyle" sector, including technology products, to meet changing consumer needs[189] - The company aims to nurture sole agency brands and private labels to diversify its revenue portfolio for risk management and profitability enhancement[189] Financial Performance and Investments - The net cash inflow from investment activities for the year was approximately HK$460 million, significantly up from HK$144.5 million in the previous year[18] - The group has committed to investing up to HK$550 million in a fund for property acquisition, reflecting its strategic growth initiatives[23] - The Group's investment objective is to enhance corporate value and achieve earnings through investments in both listed and unlisted assets with growth potential[30] - The Board will consider investment and capital asset plans that can improve the Company's profitability and liquidity[34] Corporate Governance and Board Structure - The Board is responsible for directing and supervising the Company's affairs, aiming to maximize long-term shareholders' value while balancing broader stakeholders' interests[88] - The Company has established a code of conduct and compliance manual applicable to employees and Directors, which is regularly reviewed and monitored[72] - The Audit Committee is tasked with reviewing the Company's compliance with legal and regulatory requirements, ensuring accountability and transparency[72] - The roles of Chairman and Chief Executive Officer are held by different individuals, ensuring a balance of power within the Company[102] - The Company has a succession plan in place to address potential vacancies on the Board due to resignations or other circumstances[99] - The company has adopted a board diversity policy, recognizing the benefits of a diverse board to enhance performance quality[153] Employee and Workforce Management - The company employed approximately 194 full-time and part-time employees as of December 31, 2022, down from about 270 in 2021[65] - Employee costs, including director remuneration, significantly decreased to approximately HKD 68.1 million in 2022 from HKD 96.8 million in 2021[65] - The current gender ratio of the company workforce is 49 males to 135 females, an improvement from 59 males to 211 females in the previous year[159] - The company is committed to maintaining workforce gender diversity to enhance competitiveness and innovation[159] Shareholder Communication and Transparency - The company emphasizes effective and timely dissemination of information to shareholders through electronic means, particularly via its website[197] - The company will update its website immediately with materials posted to the Stock Exchange, including financial statements and results announcements[198] - The company maintains an ongoing dialogue with shareholders and regularly reviews its Shareholders' Communication Policy for effectiveness[196] Audit and Compliance - The Group's consolidated financial statements for the Year have been reviewed by the Audit Committee, and the Directors acknowledge their responsibility for preparing the accounts and presenting a balanced assessment of the Group's performance[72] - RSM Hong Kong was engaged as the auditor during the Year, with HK$510,000 paid for non-audit services, while Grant Thornton was appointed as the new auditor with fees of HK$2,000,000 for audit services and HK$180,000 for non-audit services[72] - The Audit Committee has reviewed the effectiveness of external audits and risk management systems, ensuring compliance with financial reporting standards[145] - The Audit Committee held eight meetings during the year, with all members attending every meeting[146] Board Meetings and Director Participation - The Board held fifteen regular meetings during the year, ensuring that all Directors received timely and clear information for informed decision-making[98] - The company held a total of 15 board meetings during the year, with all directors attending every meeting[118] - The attendance records for board and committee meetings demonstrate full participation by all directors[119] - All Directors participated in a continuous professional development program to enhance their knowledge and skills, with training arranged and funded by the Company[114]

Financial Performance - The company has recorded significant losses over the past two years due to the pandemic, impacting the retail sector in Hong Kong[2]. - The company's turnover for 2021 was HK$626,991,000, a decrease of 1.8% from HK$538,788,000 in 2020[166]. - Gross profit for 2021 was HK$49,960,000, resulting in a gross margin of 7.97%, down from 32.13% in 2020[166]. - The operating loss for 2021 was HK$176,786,000, with an operating margin of -28.20%[166]. - The total assets decreased to HK$699,043,000 in 2021 from HK$1,027,546,000 in 2020[166]. - Total liabilities decreased to HK$696,256,000 in 2021 from HK$858,998,000 in 2020[166]. - The company's loss for the year attributed to owners was HK$216,738,000 in 2021, compared to HK$255,734,000 in 2020[166]. - The return on equity for 2021 was -7,776.75%, indicating significant financial challenges[166]. - The Group's turnover for the year amounted to approximately HK$627.0 million, representing an increase of approximately 16.4% from HK$538.8 million in the previous year[183]. - The Group's loss for the year was approximately HK$216.1 million, an improvement from a loss of HK$258.4 million in 2020[186]. - The Group's gross profit decreased by approximately 71.1% from approximately HK$173.1 million to approximately HK$50.0 million[186]. E-commerce Development - The company aims to expand its presence by selling more beauty brands and products across over 30 marketplaces, considering the need for multiple sales teams[3]. - The company has developed its own e-commerce platform since March 2020 to cater to the unique needs of the Hong Kong market, as existing platforms were not suitable[4]. - The newly developed e-commerce platform addresses cross-border payment issues and aims to serve both local and mainland Chinese customers[5]. - Bonjour has developed a multi-system e-commerce platform named HKMall, which addresses the unique needs of local and overseas markets[20]. - The company has transitioned from primarily selling beauty products to offering a broader range of services, including online ordering systems for restaurants and digital transformation services for various industries[23]. - The platform offers zero listing fees and charges service fees based on transactions, utilizing big data for precise marketing strategies[55]. - The company launched a procurement feature and an online ordering system, integrating procurement information from various suppliers, with over 6,000 SKUs available[58]. - The Group has established a global eCommerce platform "HKMall" to serve Hong Kong merchants and overseas brands across 34 countries over 44 market platforms[192]. - The Group has implemented various new retail technologies on the "HKMall" platform to optimize the online shopping experience for customers[198]. Digital Transformation and Innovation - The company has transitioned from a traditional beauty retail business to a technology-driven model, integrating online and offline services[11]. - The company is now providing a comprehensive digital transformation service to traditional enterprises, enhancing their operational efficiency[11]. - The company believes that the future of traditional enterprises lies in digital transformation and industry innovation[9]. - The company has set a new goal of "Technology + Consumption" to drive its industry innovation efforts[9]. - The company is committed to empowering traditional enterprises with digital solutions to tap into broader market opportunities[11]. - Bonjour aims to empower traditional enterprises in Hong Kong through digital transformation technologies and implementation solutions[27]. - The company emphasizes the importance of industrial innovation and encourages traditional enterprises to start their digital transformation journey now[24]. - The company has implemented a comprehensive digital retail solution to facilitate its transition from traditional to new business models[154]. Market Trends and Challenges - The COVID-19 outbreak has led to a significant decline in tourist arrivals, prompting a shift towards online shopping[200]. - Many international retail brands are exiting the Hong Kong market or closing physical stores to focus on online sales[200]. - Physical store rental costs have become a pressure point for the retail industry[200]. - The estimated total retail sales value in Hong Kong for 2021 was HK$353 billion, an increase of 8.1% year-on-year[181]. - Online retail sales value in Hong Kong for 2021 was estimated at HK$28.6 billion, up 39.0% year-on-year, accounting for approximately 8.1% of total retail sales[181]. Strategic Partnerships and Collaborations - The company has formed strategic partnerships with various organizations to enhance its retail and e-commerce operations, including collaborations with Huawei and China Mobile Hong Kong[99]. - The company signed a cooperation agreement for STEM education expansion with Hong Kong education associations in January 2022[74]. - The Group's collaboration with the Hong Kong Trade Development Council aimed to assist exhibitors in expanding online opportunities through live streaming[117]. Corporate Social Responsibility - The group has supplied over 20 million face masks at affordable prices during the pandemic, receiving recognition as one of the listed companies fulfilling CSR in Hong Kong[107]. - The Group actively participates in charitable and environmental activities, contributing to society and supporting SMEs[140]. - The Group's commitment to corporate social responsibility is highlighted by its participation in various charitable events, such as the Pink Walk Against Breast Cancer[143]. - The Group has been recognized for its quality service through awards like the Quality E-Shop Recognition Scheme and the Trust E-shop Recognition Scheme[135]. - The Group's environmental initiatives include the ESG Rising Star (Gold) & Special Awards (Silver) from the Institute of ESG & Benchmark[141]. - The Group has been awarded the Best Listed SMEs in Asia by Forbes, showcasing its market position[136]. - The Group's charitable efforts include donations for pandemic-prevention supplies and support for local hospitals[140]. Retail Expansion and New Concepts - Bonjour has started investing in medical beauty and lifestyle beauty services, creating a new beauty industry chain[11]. - The company plans to expand into the medical beauty market, aiming to collaborate with top medical beauty teams to provide high-quality services[97]. - A new retail concept store "MEI MALL" was established, covering more than 5,000 square feet, to enhance the shopping experience[108]. - The company has successfully transitioned to a new retail model, optimizing its business and expanding online opportunities since last year[153]. - The introduction of a QR code ordering system has improved customer experience and operational efficiency[154]. Awards and Recognition - Bonjour Technology won the "Outstanding All-round Smart Retail Application Solutions" award at the "Smart Living Partnership Awards 2021" for its focus on digital new retail applications[130]. - The Group was honored with the "Best Retail Innovation – Technology Application Prize" at the 2021 Hong Kong Retail Innovation Awards, showcasing its digital transformation achievements[128]. - Bonjour Holdings Limited received the "Outstanding Listed Companies Award 2021" from the Hong Kong Institute of Financial Analysts, recognizing its digital transformation efforts[129]. - Bonjour Holdings Limited was awarded the Gold Award for the ESG Rising Star and the Special Silver Award in Environmental, Social Responsibility and Corporate Governance[121].