Core Insights - LE SAUNDA, a well-known footwear brand in Hong Kong, has opened a new flagship store in Shenzhen as part of its strategic expansion and multi-channel retail approach [1][11] - The flagship store aims to enhance communication with Shenzhen consumers and lead the brand's development in the region [1] Group 1: Strategic Expansion - The opening of the Shenzhen flagship store reflects LE SAUNDA's careful channel expansion strategy, following the success of its first store in Shunde [1] - The brand plans to focus on mature shopping centers in core cities and will develop five key channels: flagship stores, department stores, outlet stores, franchises, and e-commerce [1][3] Group 2: Product Offering - LE SAUNDA has been specializing in commuter footwear for 48 years, utilizing over 30 million Asian user foot shape data and ergonomic technology to create high-quality shoes [3] - The brand has launched a limited edition "Agan" shoe for Shenzhen, featuring vibrant colors and designs that resonate with the city's spirit [5] Group 3: Customer Experience - The shopping mall model will create an immersive experience for consumers, allowing them to engage with the full product range and enhancing customer loyalty through personalized services [7] - The flagship store features a "City Artisan Workshop" concept, showcasing art created by students using recycled shoe lasts, reflecting the brand's commitment to social responsibility and environmental sustainability [7][9] Group 4: Market Engagement - The grand opening event included various activities that attracted significant customer participation, indicating strong market enthusiasm for the brand [9][11] - LE SAUNDA plans to open new flagship stores in Guangzhou, Dongguan, and Foshan in September, demonstrating confidence in its channel expansion strategy centered around the Greater Bay Area [11]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萊爾斯丹控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00738 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本 ...

( 於百慕達註冊成立之有限公司 ) 於 2025 年 8 月 11 日修 訂 之 提名委員會職權範圍 1 組 成 1.1 萊 爾 斯 丹 控 股 有 限 公 司 (「 本 公 司 」 )董 事 (「 董 事 」 )會 (「 董事會 」 )現 組 成 及成 立 一個 提 名委 員會 (「提 名 委員會 」)，其 權 能、責 任 及 特 定 職 責 如 下 。 6 會議通知書 7 權 能 8 職 責 2 一般條款 3 成 員 4 秘 書 4.1 提名 委 員會 秘 書職 位須 由 本公 司 的公 司秘 書 或其 代 名人 出任 。 1 2.1 為了確保本公司的持續健康發展， 就 有 關 委任董事及高 層 管理人員的繼任 計 劃， 本 公 司 會按 照 香港 聯 合 交 易所 有 限公 司 證 券 上市 規 則(「聯交所 上 市 規 則 」)、經不時修訂本公 司 細則 及 其他 相關 法 規， 制 定這 些職 權 範圍 。 2.2 提名委員會是 一 個 個 體 ， 主 要 負 責 就 有 關 候選董事和 本 公司高 層 管理人員 的任命條件 、 評 選 標 準 和 程 序 給 予 意 見 及 向 董 事 會 提 名 ...

致：香港交易及結算所有限公司 公司名稱: 萊爾斯丹控股有限公司 呈交日期: 2025年8月4日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00738 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本 ...

Financial Performance - Revenue for the year ended February 28, 2025, was RMB 294.1 million, a decrease of 26.7% compared to RMB 401.4 million for the previous year[7]. - Consolidated loss attributable to owners of the company was RMB (100.8) million, compared to RMB (23.5) million in the prior year[7]. - Basic losses per share increased to RMB (14.28) cents from RMB (3.34) cents year-on-year[7]. - Total equity decreased by 21.8% to RMB 483.4 million from RMB 618.1 million[7]. - Net cash balances fell by 10.1% to RMB 327.9 million from RMB 364.7 million[7]. - Net asset value per share decreased to RMB 0.68, down 21.8% from RMB 0.88[7]. - Consolidated gross profit decreased by 42.9% year-on-year to RMB 143,200,000, with a gross profit margin of 48.7%, representing a decrease of 13.8 percentage points compared to the previous year[54]. - Selling and distribution expenses decreased by 19.7% year-on-year to RMB 164,500,000, but the ratio of these expenses to total revenue increased by 4.9 percentage points to 55.9%[59]. - General and administrative expenses decreased by 2.5% to RMB 81,900,000, but the ratio to total revenue increased by 6.9 percentage points to 27.8%[61]. - The Group recorded a net loss attributable to equity holders of RMB 100,800,000 for the year, compared to a loss of RMB 23,500,000 in the previous year, with a basic loss per share of RMB 14.28, up from RMB 3.34[66]. Operational Efficiency - Stock turnover days improved to 291 days from 432 days[7]. - Quick ratio increased to 4.6 times from 4.0 times[7]. - The Group's operational performance improved through better warehousing management and streamlined corporate structure, despite facing adverse impacts on annual results[39]. - The Group implemented various optimization measures to enhance operational efficiency, including streamlining corporate structure and improving product quality, in response to a weak retail environment[83]. - The Group streamlined its logistics chain, optimizing inventory management to reduce overstocking and understocking, which lowered warehouse operating costs[98]. - The Group's cash and bank balances were RMB 327,900,000 as of February 28, 2025, a decrease of 10.1% year-on-year, but still sufficient to maintain operations in a sluggish retail environment[75]. Market Environment - The overall consumer market in Mainland China showed steady growth, but demand for garments and footwear remained sluggish, indicating a competitive landscape[37]. - The retail market environment in China remains weak, with consumers increasingly opting for cost-effective products amid economic pressures[86]. - The annual GDP growth in Mainland China was reported at 5% for 2024, aligning with the government's growth target, despite ongoing economic challenges[80]. - The overall national online retail sales in China increased by 7.2% year-on-year in 2024, with online retail sales of wearable goods rising by only 1.5%, indicating a slowdown in the footwear e-commerce market[104]. Strategic Initiatives - The Group invested more resources in product quality and design to enhance brand resilience and market share amid a challenging retail environment[37]. - A new membership CRM system was launched to enhance customer interactions and consolidate VIP membership information, aiming to improve customer loyalty[43]. - The Group's strategies include a focus on green growth, technology development, innovative operational management, and staff development to navigate economic challenges[47]. - The Group aims to secure market shares in e-commerce by increasing its presence on social media platforms and enhancing private traffic[43]. - The Group's strategy included providing discounts to clear off-season inventory, which negatively impacted the average selling price and gross profit margin[93]. - The Group is focusing on sustainable corporate strategies, including green growth, technological development, and innovation in operations[48]. Corporate Governance - The Group's management emphasizes the importance of corporate governance, ensuring compliance with the Corporate Governance Code and maintaining transparency to protect shareholder interests[144]. - The Board is committed to enhancing corporate governance practices to align with statutory and professional standards and adapt to business growth[146]. - The Company ensures that all Directors have the necessary expertise and experience to safeguard the interests of the Group and Shareholders[172]. - The Board conducts meetings at least four times a year to discuss overall strategy and financial performance[175]. - The Company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clear terms of reference[194]. Employee Management - Total employee benefit expenses for the twelve months ended February 28, 2025, amounted to RMB 124,700,000, slightly up from RMB 121,700,000 in the previous year[125]. - The Group's full-time staff count decreased to 595 as of February 28, 2025, down from 927 the previous year, reflecting a strategic adjustment in workforce[125]. - The Group has implemented a comprehensive occupational health management system to protect employee well-being and promote a supportive work environment[159]. - The Group is actively reviewing its recruitment plan and offering competitive remuneration to attract innovative talents[159]. Brand Development - The Group upgraded its products and branding in celebration of its 48th anniversary, focusing on light luxury fashion and vibrant aesthetics[42]. - The Group collaborated with a famous illustrator for cross-border promotions, enhancing brand appeal through artistic integration[30]. - The Group was awarded "Top 100 Enterprises" by the Guangdong Electronic Commerce Industry Association in 2025, recognizing its social influence and growth potential[31]. - The Group has entered into a contract with actress Janice Wu as its first brand ambassador post-upgrade, aiming to enhance brand recognition and emotional connection with customers[115]. Customer Engagement - The Group integrated offline and online sales strategies through live streaming and product sharing sessions, aiming to boost sales conversion rates[102]. - The Group emphasized effective online brand management to maintain brand image and improve the shopping experience for online users[105]. - The Group's new Customer Relationship Management (CRM) system is now online, enabling comprehensive sales data analysis, including traffic, transaction, and consumer behavior analysis[111].

Financial Performance - Total revenue for the year ended February 28, 2025, was RMB 294.1 million, a decrease of 26.7% from RMB 401.4 million in the previous year[4]. - Gross profit for the same period was RMB 143.2 million, down 42.9% from RMB 250.8 million year-on-year[4]. - The company reported a loss attributable to equity holders of RMB 100.8 million, compared to a loss of RMB 23.5 million in the previous year[4]. - Basic and diluted loss per share was RMB 14.28, significantly higher than RMB 3.34 in the prior year[4]. - The company recorded a net loss for the year of RMB 103.3 million, compared to a loss of RMB 24.3 million in the previous year[6]. - Revenue from external customers in mainland China decreased to RMB 294,096 thousand in 2025 from RMB 394,164 thousand in 2024, representing a decline of approximately 25.4%[18]. - The total loss for the year ended February 28, 2025, was RMB 103,292 thousand, compared to a loss of RMB 24,326 thousand for the year ended February 29, 2024[15]. - Total revenue from government subsidies decreased to RMB 732,000 in 2025 from RMB 1,358,000 in 2024, a decline of 46.0%[19]. - The company reported a significant fair value loss on investment properties of RMB (9,244,000) in 2025, with no such loss reported in 2024[19]. - The company's total revenue for the fiscal year 2024/2025 decreased by 26.7% to RMB 294.1 million, compared to RMB 401.4 million in the previous fiscal year 2023/2024[28]. Assets and Liabilities - Total assets decreased to RMB 574.2 million from RMB 744.1 million year-on-year[7]. - Total liabilities reduced to RMB 90.8 million from RMB 126.0 million in the previous year[8]. - Total assets as of February 28, 2025, amounted to RMB 529,994 thousand, a decrease from RMB 693,135 thousand as of February 29, 2024[16]. - The total liabilities as of February 28, 2025, were RMB 76,475 thousand, compared to RMB 106,224 thousand as of February 29, 2024, indicating a reduction of approximately 28.0%[16]. - Cash and bank balances were RMB 327.9 million, down from RMB 364.7 million year-on-year[7]. - Trade receivables were reported at RMB 20.9 million for 2025, down from RMB 31.0 million in 2024, with a provision for impairment of RMB 946,000[26]. - Trade payables decreased to RMB 9.1 million in 2025 from RMB 18.6 million in 2024, indicating improved cash flow management[27]. - The company's total non-current assets (excluding deferred tax assets) decreased to RMB 92,936 thousand in 2025 from RMB 116,035 thousand in 2024[18]. - Non-current assets in mainland China decreased to RMB 25,922 thousand in 2025 from RMB 41,591 thousand in 2024, a decline of approximately 37.7%[18]. Operational Efficiency - The company implemented discount promotions to accelerate inventory turnover, which led to a significant decline in average selling prices and gross profit margins[40]. - The inventory turnover period for finished goods decreased from 432 days to 291 days[35]. - The company has optimized its logistics system to streamline operations, reduce inventory costs, and improve product turnover rates[40]. - A centralization of functions is being pursued to enhance operational efficiency and responsiveness to market changes, while reducing redundant positions[40]. - The group is implementing a series of optimization measures to enhance resilience against external market changes and improve operational efficiency, including streamlining company structure and integrating supply chains[36]. Market and Strategic Focus - The overall decline in revenue and gross profit reflects challenges in the market, necessitating strategic adjustments moving forward[28]. - The company plans to focus on enhancing product offerings and market expansion to recover from the current financial downturn[28]. - The retail environment remains weak, with consumer confidence not showing significant improvement, leading to cautious spending behavior among consumers[36]. - The group is actively reviewing and optimizing its offline distribution network, particularly focusing on stores that incur fixed rental costs and retaining only those contributing positively to the group[39]. - The group aims to maintain an appropriate distance between stores to improve the effectiveness of reaching target customer groups[39]. Employee and Governance - As of February 28, 2025, the company had a total of 595 full-time employees, a decrease from 927 employees as of February 29, 2024[46]. - Employee benefits expenses totaled RMB 124.7 million for the year, compared to RMB 121.7 million in the previous year, reflecting a 2.5% increase[46]. - The company has established comprehensive training programs for employees, enhancing skill development through external consultants[46]. - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code since October 2019[49]. - The audit committee consists of four independent non-executive directors, ensuring oversight of financial reporting and internal controls[47]. E-commerce and Brand Management - The group's e-commerce revenue declined by 8.8% year-on-year due to intense online brand competition and increased return rates in the industry[41]. - The group emphasizes effective online brand management to maintain brand image, rather than relying solely on price reduction strategies[41]. - The group is leveraging live streaming and product sharing events to engage potential customers and stimulate repurchase intentions[41]. - The group aims to strengthen partnerships with traditional e-commerce platforms and emerging social media platforms to drive online traffic[41]. - The group is focused on creating a synergistic effect between online and offline channels to boost overall sales performance[41]. Future Outlook - The World Bank estimates global economic growth to be 2.7% by 2025, but significant downside risks remain due to trade policy uncertainties and ongoing economic tensions[42]. - The company plans to enhance brand image through a new visual identity and packaging upgrades, including a refined gray gift box and a light purple brand logo, to improve customer experience[42]. - The company will continue to optimize offline sales channels and has opened its first flagship store in Shunde Wanxianghui, featuring a wide range of products and fast restocking capabilities[43].

Financial Performance - In the first half of fiscal year 2024/25, the total revenue of the Group decreased by 27.3% year-on-year to RMB149,600,000, down from RMB205,800,000 in 2023/24[9]. - Consolidated gross profit decreased by 41.1% year-on-year to RMB79,400,000, compared to RMB134,900,000 in the previous year[9]. - The overall gross profit margin was 53.1%, representing a decrease of 12.4 percentage points from 65.5% in the corresponding period of last year[11]. - The consolidated loss attributable to owners of the Company was RMB38,000,000, compared to a loss of RMB13,900,000 in 2023/24[9]. - The basic loss per share was RMB (5.39) cents, compared to RMB (1.96) cents in the previous year[11]. - Total revenue decreased by 27.3% year-on-year to RMB 149,600,000, with a consolidated gross profit down 41.1% to RMB 79,400,000, resulting in a gross margin of 53.1%, a decrease of 12.4 percentage points[15]. - The Group recorded a consolidated loss attributable to owners of RMB 38,000,000, compared to a loss of RMB 13,900,000 in the previous year, with a basic loss per share of RMB 5.39 cents[21]. - For the six months ended 31 August 2024, the total comprehensive loss was RMB 45,363,000, compared to a gain of RMB 2,706,000 in the same period last year[69]. - For the six months ended 31 August 2024, the loss attributable to owners of the Company was RMB 38,038,000, compared to RMB 13,853,000 for the same period in 2023, representing a significant increase in loss[133]. - The basic loss per share for the six months ended 31 August 2024 was RMB (5.39) cents, compared to RMB (1.96) cents for the same period in 2023, indicating a deterioration in financial performance[133]. Expenses and Cost Management - Selling and distribution expenses decreased by 22.9% year-on-year to RMB83,300,000, while the ratio of these expenses to total revenue increased by 3.2 percentage points to 55.7%[13]. - General and administrative expenses increased by 0.7% to RMB41,800,000, leading to a rise in the ratio of these expenses to total revenue by 7.8 percentage points to 28.0%[14]. - Sales and distribution expenses fell by 22.9% to RMB 83,300,000, with the expense ratio increasing by 3.2 percentage points to 55.7% due to one-time employee compensation and higher sales commissions[15]. - General and administrative expenses increased by 0.7% to RMB 41,800,000, leading to an expense ratio rise of 7.8 percentage points to 28.0%[16]. - The Group's total employee benefit expenses for the six months ended August 31, 2024, amounted to RMB 59,300,000, a decrease from RMB 63,200,000 in the previous year[62]. Retail Market Conditions - The Group's continuing sluggish retail market in Mainland China significantly impacted total retail sales, prompting higher retail discounts to clear slow-moving inventories[12]. - Same store sales declined by 19.5%, contrasting with a 13.5% increase in the previous year[33]. - Retail sales of garments, footwear, hats, and knitwear have shown signs of decline since April 2024, continuing negative growth until August 2024[39]. - Retail sales through department stores and brand specialty stores dropped by 3.3% and 1.9% year-on-year, respectively[39]. - The Chinese government's policies aimed at boosting domestic demand have not benefitted the entire retail and footwear industry[33]. Inventory and Cash Management - As of August 31, 2024, the Group's inventory balance was RMB 119,000,000, a significant decrease of approximately 38.1% from RMB 192,300,000 the previous year[25]. - The proportion of inventory aged less than one year decreased by 12.8 percentage points to 42.2%[26]. - The Group's cash and bank balances amounted to RMB 336,300,000, with a quick ratio of 3.9 times, indicating a strong liquidity position[28]. - The Group's cash and bank balances as of August 31, 2024, were RMB 336,300,000, down from RMB 364,700,000 on February 29, 2024[30]. - The current ratio was 3.9 times as of August 31, 2024, compared to 4.0 times on February 29, 2024[30]. - The Group plans to actively reduce excess off-season inventory to accelerate inventory turnover and strengthen cash flow, while avoiding low-priced selling strategies that could degrade brand value[54]. Strategic Initiatives - The Group aims to enhance its market position through strategic adjustments in response to the challenging retail environment[12]. - The Group plans to optimize supply chain management and improve procurement planning to enhance product quality and customer confidence[51]. - The Group aims to establish a better brand reputation by providing high-quality products that meet current footwear trends[50]. - The Group is consolidating its logistics chain to streamline procurement, transportation, and warehousing processes, reducing costs[51]. - The Group will continue to review brand positioning and introduce new sales and marketing plans to maintain market share in ladies' fashion footwear[50]. - The Group is enhancing its CRM system to better understand customer needs and improve sales success rates[47]. - The Group will explore new consumer product types to diversify its product portfolio and meet market demands[56]. Corporate Governance and Management - The Board is committed to maintaining high standards of corporate governance to protect shareholder interests[171]. - The Company emphasizes transparency and accountability in its corporate governance practices[171]. - The position of Chief Executive Officer has been vacant since October 2019, with responsibilities taken up by other executive Directors[172]. - The Audit Committee comprises four independent non-executive Directors, ensuring oversight of financial information and internal controls[173]. - The Audit Committee reviewed and recommended approval of the unaudited condensed consolidated interim financial information for the six months ended 31 August 2024[177]. - The Company has complied with the Corporate Governance Code, with a focus on transparency and accountability to enhance shareholder value[174]. - All Directors confirmed compliance with the Code of Conduct and the Model Code during the reporting period[186]. Shareholder Information - As of August 31, 2024, Mr. Li Wing Yeung holds a total of 60,920,200 shares, representing approximately 8.63% of the issued share capital of the company[155]. - Ms. Chui Kwan Ho holds 5,779,000 shares, accounting for about 0.81% of the issued share capital[155]. - Mr. Leung Wai Ki has an interest in 1,700,000 shares, which is approximately 0.24% of the issued share capital[155]. - Mr. Lee Tze Bun has a total interest of 371,661,000 shares, representing approximately 52.65% of the issued share capital[161]. - Stable Gain Holdings Limited holds 225,500,000 shares, accounting for about 31.94% of the issued share capital[161]. - The total number of Shares held by substantial shareholders and other persons is significant, indicating strong ownership concentration[164].

Financial Performance - Revenue for the six months ended August 31, 2024, was RMB 149.6 million, a decrease of 27.3% from RMB 205.8 million in the same period last year[1]. - Gross profit for the same period was RMB 79.4 million, down 41.1% from RMB 134.9 million year-on-year[1]. - The company reported a loss attributable to equity holders of RMB 38.0 million, compared to a loss of RMB 13.9 million in the previous year[1]. - Basic loss per share was RMB 5.39, significantly higher than RMB 1.96 in the prior period[1]. - The group reported a total loss of RMB 39,618 for the six months ending August 31, 2024, compared to a loss of RMB 14,248 for the same period in 2023, indicating a significant increase in losses[14]. - The consolidated gross profit fell by 41.1% to RMB 79.4 million, down from RMB 134.9 million year-on-year, resulting in a gross margin reduction of 12.4 percentage points to 53.1%[39]. - Basic loss per share increased from RMB 1.96 to RMB 5.39, reflecting a significant increase in losses attributable to equity holders[27]. Assets and Liabilities - Total assets as of August 31, 2024, amounted to RMB 655.5 million, down from RMB 744.1 million as of February 29, 2024[5]. - Current assets decreased to RMB 136.4 million from RMB 145.5 million in the previous reporting period[5]. - Cash and cash equivalents were RMB 336.3 million, a decline from RMB 364.7 million[5]. - Total liabilities were RMB 114.9 million, down from RMB 126.0 million[7]. - The total assets of the group as of August 31, 2024, were RMB 655,456, compared to RMB 744,082 as of February 29, 2024, indicating a decrease of approximately 11.9%[17]. - The group’s total liabilities as of August 31, 2024, were RMB 114,881, a decrease from RMB 125,971 as of February 29, 2024, representing a decline of approximately 8.6%[17]. Revenue Sources - For the six months ending August 31, 2024, external customer revenue from mainland China was RMB 149,591, a decrease from RMB 200,523 for the same period in 2023, representing a decline of approximately 25.3%[19]. - The group’s total revenue for the six months ending August 31, 2024, was RMB 149,591, with no revenue reported from Hong Kong and Macau during this period[19]. - E-commerce revenue decreased by 9.9% year-on-year due to insufficient economic recovery and declining consumer spending[53]. - Online retail sales of physical goods in mainland China grew by 8.1% year-on-year, down from 12.1% in the same period last year[53]. Expenses - Selling and distribution expenses decreased by 22.9% to RMB 83.3 million, but as a percentage of total revenue, it increased by 3.2 percentage points to 55.7%[40]. - General and administrative expenses increased by 0.7% to RMB 41.8 million, leading to an increase in its proportion of total revenue by 7.8 percentage points to 28.0%[41]. - Total expenses related to sales and distribution decreased from RMB 70,910 million to RMB 70,176 million, with advertising and promotional expenses dropping from RMB 7,733 million to RMB 5,850 million[22]. Inventory and Receivables - Inventory balance as of August 31, 2024, was RMB 119 million, a significant decrease of approximately 38.1% from RMB 192.3 million year-on-year[44]. - Trade receivables decreased from RMB 36,275 million to RMB 32,050 million, with receivables overdue by more than 90 days remaining minimal at RMB 46 million[32]. - Trade payables decreased from RMB 85,820 million to RMB 80,182 million, with the majority of payables due within 30 days[35]. Corporate Governance - The financial results are unaudited but have been reviewed by the company's audit committee[2]. - The audit committee consists of four independent non-executive directors, ensuring compliance with financial reporting and risk management standards[65]. - The company has adhered to corporate governance standards, although the CEO position has been vacant since October 2019, with responsibilities managed by other executive directors[67]. - The company confirms compliance with the standards for securities trading by directors as of August 31, 2024[68]. Dividends - The company did not declare an interim dividend, compared to a special interim dividend of HKD 5.0 in the previous year[1]. - The board does not recommend the distribution of interim dividends for the six months ending August 31, 2024, compared to a special interim dividend of 5.0 HKD cents per share in the previous year[62]. Employee and Operational Changes - The company employed a total of 805 employees as of August 31, 2024, down from 927 employees in the previous period, with 789 based in mainland China[63]. - The group closed 73 stores in mainland China, reducing the total number of stores to 224[49]. - The company aims to enhance operational efficiency by focusing resources on profitable key stores[52]. Market Conditions and Future Outlook - The retail environment in China showed a 3.7% increase in overall retail sales, but clothing and footwear categories experienced negative growth starting in April 2024[51]. - The company expects inflationary pressures to ease in the second half of 2024, which may boost consumer spending[56]. - The company plans to optimize supply chain management and logistics systems to enhance operational efficiency and reduce costs[57]. - The company is focused on reducing excess seasonal inventory and improving cash flow while maintaining brand value[58].

Financial Performance - Revenue for the year ended February 29, 2024, was RMB 401.4 million, a decrease of 2.9% compared to RMB 413.2 million for the year ended February 28, 2023[6]. - Consolidated loss attributable to owners of the company improved to RMB (23.5) million from RMB (50.3) million year-on-year[6]. - Basic losses per share decreased to RMB (3.34) cents from RMB (7.12) cents[6]. - Total equity as of February 29, 2024, was RMB 618.1 million, down 6.9% from RMB 663.6 million[6]. - Net cash balances were RMB 364.7 million, a slight decrease of 1.9% from RMB 371.6 million[6]. - Net asset value per share decreased to RMB 0.88 from RMB 0.94, reflecting a 6.9% decline[6]. - Consolidated gross profit decreased by 6.8% year-on-year to RMB 250,800,000, with a gross profit margin of 62.5%, down 2.7 percentage points from the previous year[75]. - Selling and distribution expenses decreased by 14.7% year-on-year to RMB 204,800,000, with the ratio of these expenses to total revenue decreasing by 7.1 percentage points to 51.0%[80]. - General and administrative expenses decreased by 3.3% to RMB 84,000,000 compared to RMB 86,900,000 in the previous year, with the ratio to total revenue decreasing by 0.1 percentage points to 20.9%[83]. - Other income fell by 58.1% year-on-year to RMB 2,300,000, down from RMB 5,500,000, primarily due to a sluggish retail market[84]. - The Group's overall retail revenue decreased by 2.9% to RMB 401,400,000 compared to RMB 413,200,000 in the previous year[106]. - Annual same store sales increased by 11.7%, a significant improvement from a decline of 27.7% in the previous year[106]. Market and Sales Strategy - The overall recovery pace of the market was slower than expected due to issues such as domestic real estate debts and rising unemployment rates among young people[43]. - The Group is investing more resources in CRM systems and mini app stores to improve customer relationship management and increase VIP member loyalty[51]. - The Group's marketing plans are designed to meet the diversified demands of its target customer base and improve brand loyalty[43]. - The Group is focusing on innovative operational management to meet changing customer design needs and strengthen brand influence[62]. - The Group is expanding its e-commerce presence on platforms like Douyin, WeChat, and Xiaohongshu to reach more potential consumers[48]. - The Group is scrutinizing the performance of existing stores, closing underperforming ones while renewing leases for profitable locations[50]. - The Group's long-term cooperation with JD.com has resulted in mutual benefits and won the "2023 Big Brand Outlet Award" from JD.com's fashion division, showcasing successful strategic synergy[127]. - The Group is actively reviewing e-commerce business expenses and reallocating resources to platforms with higher traffic and sales volume[124]. - The Group's overall revenue from e-commerce business declined by 8.6% year-on-year due to various challenges including sluggish consumer sentiment and rising product return rates[130]. Corporate Strategy and Governance - The Group's corporate strategy focuses on "striving for progress while ensuring stability" to consolidate its core advantages in shoe-making and further develop its brands[43]. - The Group's sustainable corporate strategies include green growth, technology development, innovative management, and staff development[56]. - The Group's management is committed to enhancing corporate governance practices to align with statutory and professional standards[186]. - The Board is focused on protecting the interests of shareholders and creating value through improved operational transparency[186]. - The management has established four main sustainable corporate strategies: green growth, technological development, innovative operational management, and employee development, which have been reviewed and approved by the board[197]. Employee and Operational Management - The Group aims to enhance employee development through customized training programs and a comprehensive promotion system[66]. - The Group's total employee benefit expenses for the twelve months ended 29 February 2024 amounted to RMB 121,700,000, a decrease from RMB 135,900,000 in the previous year[155]. - The Group had a full-time staff force of 927 people as of 29 February 2024, down from 1,120 people the previous year[155]. - The Group is committed to finding experienced talents and retaining outstanding employees to enhance its competitive advantage[145]. - The Group's management approach to corporate culture includes factors such as employee engagement, retention, training, and compliance with laws and regulations[195]. Future Outlook - The Chairman expressed optimism for 2024, highlighting the readiness to seize opportunities in a complex retail market[71]. - The Group is cautiously optimistic about future economic growth in Mainland China and will adjust marketing strategies based on domestic policy trends[135]. - The Group plans to utilize online and offline resources, along with its existing VIP member database, to create a controllable traffic system to enhance brand value[142].

Financial Performance - Revenue for the year ended February 29, 2024, was RMB 401.4 million, a decrease of 2.9% compared to RMB 413.2 million for the previous year[2]. - Gross profit for the same period was RMB 250.8 million, down 6.8% from RMB 269.2 million[2]. - The company reported a loss attributable to equity holders of RMB 23.5 million, an improvement from a loss of RMB 50.3 million in the previous year[2]. - Basic and diluted loss per share was RMB 3.34, compared to RMB 7.12 in the prior year[2]. - Total revenue for 2024 was RMB 401,428,000, a decrease of 2.0% from RMB 413,227,000 in 2023[53]. - Revenue from mainland China was RMB 394,164,000 in 2024, down from RMB 410,426,000 in 2023, reflecting a decline of 4.0%[53]. - Overall retail revenue declined by 2.9% to RMB 401.4 million, despite same-store sales increasing by 11.7%[90]. - The net loss for the year was RMB 24,326 thousand, significantly improved from a net loss of RMB 51,267 thousand in the prior year, representing a reduction of approximately 52.6%[150]. Dividends and Shareholder Returns - The company declared an interim special dividend of HKD 5.0 per share, compared to no dividend in the previous year[2]. - The company plans to declare a final special dividend of HKD 0.05 per share, totaling approximately RMB 32,173,000, as a reward for shareholders[41]. - The board has proposed a special dividend of HKD 0.05 per ordinary share for the year ending February 29, 2024, which is a new initiative compared to no special dividend in the previous year[110]. Assets and Liabilities - Total assets decreased to RMB 744.1 million from RMB 802.5 million year-over-year[19]. - The company’s total equity decreased to RMB 618.1 million from RMB 663.6 million[6]. - Total liabilities decreased to RMB 125,971 thousand from RMB 138,814 thousand, reflecting a reduction of approximately 9.2%[155]. - Current assets included cash and bank balances of RMB 364.7 million, slightly down from RMB 371.6 million[5]. - Non-current assets increased to RMB 76.0 million in investment properties from RMB 73.2 million[18]. Operational Efficiency - General and administrative expenses decreased by 3.3% to RMB 84,000,000 in 2024, compared to RMB 86,900,000 in 2023[48]. - The company has maintained a strict control over logistics costs, contributing to the reduction in general and administrative expenses[48]. - Sales and distribution expenses decreased by 14.7% to RMB 204.8 million, accounting for 51.0% of total revenue, down from 58.1% in the previous year[83]. - The company is actively controlling e-commerce expenses in response to revenue, emphasizing high-traffic and high-sales platforms[100]. Store Network and Retail Strategy - The retail network in mainland China consisted of 283 physical stores, with a net decrease of 38 self-operated stores during the year[77]. - The number of stores for the core brand le saunda decreased by 41 to 202, while the high-end brand LINEA ROSA saw a reduction of 1 store to 26[91]. - The company plans to reduce underperforming physical stores and focus on a mixed sales model that includes direct sales to optimize operations and reduce costs[125]. - The company is optimizing its store network, focusing on traditional department stores while adapting to the shift towards experiential shopping[99]. Market and Consumer Trends - The group maintains a cautiously optimistic outlook on future economic growth in mainland China, despite ongoing challenges in the retail market due to high interest rates and uncertain economic growth dynamics[105]. - Retail sales in mainland China dropped by 4.0% to RMB 394.2 million, reflecting weaker-than-expected consumer recovery[93]. - The company plans to focus resources on the footwear business in mainland China after closing its beauty business in Hong Kong due to changing consumer patterns[95]. Employee and Governance - The total employee benefits expenditure for the twelve months ending February 29, 2024, amounted to RMB 121,700,000, a decrease from RMB 135,900,000 in the previous year[112]. - The group has a total of 927 full-time employees as of February 29, 2024, down from 1,120 employees a year earlier, indicating a strategic adjustment in workforce management[112]. - The company has adhered to corporate governance codes and has ensured that the roles of chairman and CEO are not held by the same individual, maintaining a clear separation of responsibilities[117]. - The group aims to enhance corporate governance practices to align with business growth and regulatory compliance[147]. Future Initiatives - The group is integrating e-commerce and physical retail operations to enhance operational efficiency and customer interaction[94]. - The company is enhancing its CRM system and reforming the existing VIP membership program to support new marketing strategies[99]. - The group plans to leverage online and offline resources, along with its existing VIP member database, to create a controllable traffic system aimed at enhancing brand value and sales conversion rates[106]. - The company is conducting live-streaming sales events to engage with target customer groups and promote brand information[102].