Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 1,016,423,000, a decrease of 16.0% compared to HKD 1,210,887,000 in 2022[3] - The cost of goods sold was HKD 553,580,000, down from HKD 691,433,000, reflecting a reduction of 20.0%[3] - The net loss for the year was HKD 142,925,000, compared to a loss of HKD 35,249,000 in the previous year, indicating an increase in losses of 304.5%[3] - Basic and diluted loss per share was HKD 133.81, compared to HKD 41.68 in 2022, representing an increase of 220.0%[4] - The group reported a pre-tax loss of HKD 138,669 for the year ended December 31, 2023, compared to a pre-tax loss of HKD 44,735 in 2022[17] - The group reported a net loss attributable to shareholders of HKD 108,009 thousand in 2023, compared to a loss of HKD 33,641 thousand in 2022, indicating a significant increase in losses[29] Assets and Liabilities - Total assets decreased to HKD 1,318,657,000 from HKD 1,786,542,000, a decline of 26.2%[6] - Current liabilities decreased to HKD 1,077,809,000 from HKD 1,420,382,000, a reduction of 24.1%[6] - Non-current assets decreased to HKD 286,339,000 from HKD 391,903,000, a decline of 26.9%[6] - Total assets as of December 31, 2023, amounted to HKD 1,317,657, a decrease from HKD 1,786,542 in 2022[19] - Total liabilities increased to HKD 1,148,677 in 2023 from HKD 1,495,268 in 2022, indicating a reduction of 23.2%[21] - The company's equity attributable to owners decreased to HKD 115,965,000 from HKD 196,094,000, a decrease of 40.8%[7] Revenue Segments - Retail segment revenue decreased to HKD 958,503 in 2023 from HKD 1,199,307 in 2022, representing a decline of 20.1%[14] - The investment management segment generated revenue of HKD 4,733, up from HKD 4,334 in 2022, reflecting an increase of 9.2%[14] - The brokerage and wealth management services segment saw revenue rise significantly to HKD 23,921 from HKD 2,568, marking an increase of 831.5%[14] - The retail division reported a loss of HKD 19,291, while the investment management division earned a profit of HKD 3,751[17] - For the year ended December 31, 2023, the group's other financial services business recorded revenue of HKD 53,200,000 and a segment loss of HKD 95,900,000, compared to revenue of approximately HKD 7,100,000 and a segment loss of HKD 7,800,000 in the previous period[46] Operational Changes - The company closed underperforming stores, reducing the number from 28 in January 2022 to 18 by December 2023, while maintaining operations at well-performing stores[42] - The company plans to continue focusing on resource allocation and performance evaluation across its operational segments[18] - The company plans to balance its capital structure through the issuance of new shares and debt or the redemption of existing debt[38] - The company closed or relocated underperforming stores, ending the year with a total of 18 physical stores, which were transformed into immersive experience venues[65] Market and Economic Conditions - Hong Kong's economy experienced a slight recovery in 2023, with real economic growth of 3.2%, while local retail sales increased by 16.2%, driven mainly by the luxury goods sector[61] - The average daily trading volume in the Hong Kong stock market dropped to HKD 105 billion in 2023, down from HKD 124.9 billion in 2022 and HKD 166.7 billion in 2021, reflecting a challenging market environment[81] - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 13.8% and 14.0% respectively in 2023, marking one of the worst years in recent history for the Hong Kong stock market[81] Strategic Initiatives - The company is focusing on a customer-centric strategy to adapt to changing consumer behaviors and economic conditions, emphasizing value-for-money products[66] - The introduction of the "P-coin" loyalty program aims to enhance customer loyalty and gather insights on customer behavior and preferences[70] - The company plans to expand its service offerings by upgrading its home consultant service to interior design consultants, providing personalized furniture and diverse affordable home products to meet customer needs[74] - The company launched the CASH Multi Strategy Fund in December 2023, which employs a market-neutral strategy to minimize volatility and enhance overall risk-adjusted returns[78] Employee and Governance - The group employed 611 employees as of December 31, 2023, with total employee compensation costs amounting to approximately HKD 195,000,000[96] - The board of directors has confirmed compliance with the standard code of conduct for securities trading throughout the fiscal year ending December 31, 2023[99] - The company has adhered to all corporate governance codes, with some deviations noted regarding the roles of the chairman and CEO[101] Financial Reporting and Compliance - The company has implemented new Hong Kong Financial Reporting Standards, which may impact future financial reporting[11] - Deloitte has reviewed the consolidated financial statements for the fiscal year ending December 31, 2023, confirming consistency with the amounts approved by the board[104] - The company did not recommend a final dividend for the year ending December 31, 2023, compared to no dividend in 2022[39] Technology and Innovation - The company is focused on developing AI solutions to enhance its fintech business and provide superior investment and wealth management services[95] - Significant progress was made in automating procurement and payment processes, contributing to the company's digital transformation efforts[71] - The company continues to leverage advanced algorithms and machine learning technologies in AI to analyze financial data and predict market behavior[95]

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 508,756,000, a decrease of 19.4% compared to HKD 631,561,000 in the same period of 2022[6] - The company reported a loss of HKD 59,564,000 for the period, compared to a profit of HKD 4,228,000 in the previous year, indicating a significant decline in profitability[6] - Basic and diluted loss per share was HKD 62.0, compared to earnings of HKD 5.1 per share in the same period last year[7] - For the six months ended June 30, 2023, the group recorded revenue of HKD 508.8 million and a net loss of HKD 59.6 million, compared to revenue of HKD 631.6 million and a net profit of HKD 4.3 million for the same period in 2022[51] - The company incurred a loss before tax of HKD 59.542 million, compared to a profit before tax of HKD 4.252 million in the previous year[23] - The total comprehensive income for the period was HKD 4.095 million, compared to HKD 4.170 million in the same period last year[13] Revenue Breakdown - Retail segment revenue decreased to HKD 476.315 million from HKD 628.223 million, representing a decline of 24.2% year-over-year[23] - The asset management segment generated revenue of HKD 2.593 million, down from HKD 3.338 million in the previous year[23] - Other financial services contributed HKD 29.848 million in revenue, with no revenue reported in the same segment last year[20] Assets and Liabilities - Total assets decreased to HKD 1,160,575,000 as of June 30, 2023, from HKD 1,394,639,000 at the end of 2022, a decline of 16.8%[9] - Current liabilities were HKD 1,212,963,000, down from HKD 1,420,382,000, representing a decrease of 14.6%[10] - The company's equity attributable to owners decreased to HKD 186,180,000 from HKD 196,094,000, a reduction of 5.0%[10] - Cash and cash equivalents at the end of the period were HKD 225.738 million, a decrease from HKD 334.411 million at the beginning of the period[14] - Cash and bank balances totaled HKD 678.1 million as of June 30, 2023, a decrease from HKD 870.8 million at the end of 2022[59] Operational Highlights - The company has plans to enhance its market presence and explore new product development strategies in the upcoming quarters[6] - The company paid dividends amounting to HKD 12.108 million during the period[13] - The company has applied new Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the period[18] - The company launched the Investment Research Platform (ISR) and its auxiliary tools, CASH Radar and CASH ARM, to enhance research capabilities and maintain competitive strength in the industry[93] Market and Economic Conditions - The overall economic growth in Hong Kong for Q2 2023 is projected at only 1.5%, lower than the expected 3.5%[87] - Trading volume in the stock market has decreased by nearly 55% compared to the first half of 2022, indicating a bearish market sentiment[90] - The expected increase in major residential property transactions in 2023 is projected to be between 15,000 to 17,000 units, significantly up from 10,315 units in 2022[83] Strategic Initiatives - The group plans to expand its wealth management and family office business in the Greater Bay Area, anticipating stable revenue generation in this segment[58] - The company plans to establish a Qualified Foreign Institutional Investor (QFII) fund to allow foreign investors to invest in its domestic portfolio, expanding its asset management capabilities[86] - The company plans to establish a new logistics center in the Greater Bay Area to enhance logistics efficiency and reduce costs[77] - The company is strategically consolidating its brokerage business to provide added value services to wealth management clients amid a challenging market environment[97] Corporate Governance - The company has complied with the corporate governance code, with the exception of the dual role of the chairman and CEO[126] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[133] - The company is currently focused on completing the selection, recruitment, and nomination process for new independent non-executive directors[130] Shareholder Information - As of June 30, 2023, the beneficial ownership of the company's shares by key individuals includes 39,599,098 shares (49.79%) held by Guan Baihao through Cash Guardian Limited[107] - Guan Baihao holds 277,989,563 shares (73.58%) in the company, while Guan Tingxuan holds 2,472,000 shares (0.65%)[111] - Major shareholders include Hobart Assets Limited and Cash Guardian, each holding 39,599,098 shares, representing 49.05% of the company[123]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 CELESTIAL ASIA SECURITIES HOLDINGS LIMITED 時 富 投 資 集 團 有 限 公 司* （於百慕達註冊成立之有限公司） （股份編號：1049） 中期業績 截至二零二三年六月三十日止六個月 簡明綜合損益及其他全面收益表 Celestial Asia Securities Holdings Liited（時富投資集團有限公司）（「本公司」或「時富投資」）及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績，連同去年同期之比較數字如下： 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 收益 (3) 508,756 631,561 存貨成本 (288,867) (359,202) 其他收入 15,692 6,030 其他收益及虧損 7,953 25,522 薪金、津貼及相關福利 (100,445) ( ...

Customer Experience and Innovation - The company reported a focus on enhancing customer experience through technology and innovation, with a commitment to sustainable development[3] - The retail segment, Pricerite, has pioneered "new retail" in Hong Kong, integrating online and offline resources to improve customer shopping experiences[4] - The company emphasizes a customer-centric approach, utilizing market research tools to understand customer needs and expectations[5] - The company is committed to improving customer satisfaction through data-driven insights and personalized products and services[23] - The introduction of Metaverse initiatives, including AR, VR, and MR experiences, has been well-received by consumers[20] - The company plans to launch a customer loyalty program with a new rewards points system (P-Coin) to retain customers and enhance loyalty in 2023[69] - The company aims to accelerate digital transformation to better understand customer needs and adapt to changing demands[68] - The company is focused on enhancing its "new retail" business model and improving supply chain flexibility to capitalize on post-pandemic economic recovery opportunities[69] Financial Services and Wealth Management - The financial services segment, Times Financial, has been a licensed operator since 1972, holding multiple licenses from the Securities and Futures Commission[9] - Times Financial plans to expand wealth management centers in the Greater Bay Area and Yangtze River Delta regions to enhance service offerings[10] - Times Financial aims to combine traditional and new financial assets to provide comprehensive wealth management services[11] - The company is focusing on a three-pronged business development strategy, including brokerage, wealth management, and asset management, which has started to yield more balanced revenue contributions[24] - The company plans to recruit more wealth management professionals to serve a growing client base as China reopens its borders[26] - Wealth management service revenue increased by 24.7% to approximately HKD 20,200,000, up from HKD 16,200,000 in the previous year[35] - The company anticipates strong growth in investment and wealth management demand due to China's monetary and fiscal stimulus policies[26] - The asset management business will focus on enhancing distribution channels and improving research, operations, and risk control processes[82] Financial Performance and Challenges - The company reported a net loss of HKD 35,200,000 for the year ended December 31, 2022[32] - The company experienced a net loss of approximately HKD 69,800,000 for the year, compared to a net loss of HKD 53,500,000 in the previous year[37] - The financial services segment recorded revenue of approximately HKD 68,800,000, a decline of 29.0% from HKD 96,900,000 in the previous year[34] - Brokerage income decreased by approximately 40.0% to HKD 25,800,000, reflecting a 25.0% drop in average daily trading volume in the Hong Kong securities market[34] - The group reported a shareholder attributable net loss of HKD 33.6 million in 2022, an improvement of 22.0% compared to a loss of HKD 43.1 million in 2021[53] - The group’s total revenue for 2022 was HKD 1,210.8 million, a decrease of 11.5% from HKD 1,368.1 million in 2021, with retail revenue declining by 12.0% and asset management revenue decreasing by 26.7%[52] - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[100] Corporate Governance and Management - The company has fully complied with the corporate governance code during the year ending December 31, 2022, except for the deviation from code provision C.2.1, which states that the roles of the chairman and CEO should be separated[117] - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring over one-third of the board members are independent[121] - The company emphasizes a strong corporate culture aligned with its vision and business strategy, focusing on integrity and ethical conduct in all activities[118][119] - The company has mechanisms in place to ensure the board receives independent opinions and assessments, which are reviewed annually[125] - The board is responsible for leading and monitoring the company, making strategic decisions, and overseeing financial and management performance[126] - The company has a policy for the appointment of directors, detailing the processes for identifying and integrating new board members[127] - The company has implemented a training program for directors to enhance their knowledge of corporate governance and industry information[131] Risk Management and Compliance - The company has established appropriate insurance arrangements for directors facing potential legal claims[132] - The board is responsible for establishing and maintaining effective risk management and internal control systems to achieve strategic objectives[169] - The risk management framework includes five steps: risk identification, assessment and prioritization, appointing risk managers, risk response, and risk information communication and monitoring[173] - The company has a zero-tolerance policy towards corruption, ensuring all employees comply with applicable anti-corruption laws and regulations[179] - The internal audit function provides independent and objective opinions on the adequacy and effectiveness of the company's risk management and internal control systems[176] - The company maintains a risk register to document significant risks that may hinder achieving business objectives[173] Sustainability and Community Engagement - Environmental initiatives have been recognized with awards such as the "Hong Kong Environmental Excellence Award" and "Corporate Sustainability Award" from the World Green Organization[6] - The company received the Corporate Sustainability Award from the World Green Organization for its achievements in community engagement and environmental protection[79] - The company is focused on reducing its operational impact on the natural environment and contributing to community improvement, particularly for future generations[200] - The company donated heating appliances to hospitals and furniture to veterinary clinics, contributing positively to the community and enhancing its corporate social responsibility image[67] - The Environmental, Social, and Governance (ESG) Committee is responsible for collecting and analyzing ESG data, ensuring compliance with relevant laws and regulations, and preparing ESG reports[199] Market Trends and Economic Outlook - In 2022, Hong Kong's economy recorded a negative growth of 3.5%, with total merchandise exports dropping by 13.9%[18] - The local market saw 47 securities firms cease operations in 2022, marking a record high in Hong Kong's financial history[24] - The company anticipates a rebound in the Hong Kong IPO market in 2023, driven by increased financing demand for IPOs[81] - Commodity prices remained high in the first half of 2022 due to quantitative easing and supply disruptions from the Russia-Ukraine conflict[85] - The Hang Seng Index experienced a significant decline of 15.5% in 2022, closing at 19,781 points, down from 23,397 points in 2021[72]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 CELESTIAL ASIA SECURITIES HOLDINGS LIMITED 時 富 投 資 集 團 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份編號：1049） 公佈 截至二零二二年十二月三十一日止年度 之 年終業績 綜合損益及其他全面收益表 Celestial Asia Securities Holdings Limited（時富投資集團有限公司）（「本公司」或「時富投資」）及其附屬公司 （「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合業績，連同去年同期之比較數字如下： 二零二二年 二零二一年 附註 千港元 千港元 收益 (3) 1,210,887 1,368,066 存貨成本 (691,433) (793,738) 其他收入 15,601 13,215 其他收益及虧損 65,661 7,342 薪金、津貼及相關福利 (199,011) (195,73 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 631,561,000, a decrease of 5.8% compared to HKD 670,923,000 in the same period of 2021[6] - The cost of goods sold was HKD 359,202,000, down from HKD 379,241,000, reflecting a 5.3% reduction[6] - Other income increased to HKD 6,030,000 from HKD 3,088,000, representing a growth of 95.4%[6] - The net profit for the period was HKD 4,228,000, compared to a loss of HKD 10,307,000 in the previous year, marking a significant turnaround[6] - Basic earnings per share improved to HKD 5.1 from a loss of HKD 12.9 per share in the prior year[8] - Total comprehensive income for the period was HKD 4,170,000, compared to a loss of HKD 10,178,000 in the same period last year[8] - The company reported a net loss of HKD 10,443,000 for the six months ended June 30, 2021, compared to a profit of HKD 4,153,000 for the same period in 2022, indicating a significant turnaround in performance[16] - Total revenue for the six months ended June 30, 2022, was HKD 631,561,000, a decrease of 5.8% from HKD 670,923,000 in the same period of 2021[24] - Retail sales of furniture and home goods generated HKD 628,223,000 in revenue for the first half of 2022, down from HKD 668,631,000 in 2021, reflecting a decline of approximately 6%[24] - The company’s total comprehensive income for the six months ended June 30, 2022, was a loss of HKD 7,938,000, compared to a loss of HKD 30,358,000 in the same period of 2021[16] - The company recorded a net loss of approximately HKD 35 million for the six months ended June 30, 2022, compared to a net loss of approximately HKD 19 million in the same period last year[49] Assets and Liabilities - Non-current assets increased to HKD 536,349,000 from HKD 509,433,000, indicating a growth of 5.3%[10] - Current liabilities decreased to HKD 675,383,000 from HKD 681,157,000, showing a slight reduction of 0.8%[12] - The company's cash and bank balances decreased to HKD 98,475,000 from HKD 167,274,000, a decline of 41.2%[10] - The total equity attributable to the owners of the company was HKD 232,627,000, down from HKD 240,640,000, reflecting a decrease of 3.3%[12] - The company’s total equity as of June 30, 2022, was HKD 194,756,000, a decrease from HKD 228,777,000 as of June 30, 2021[16] - As of June 30, 2022, the company's total outstanding borrowings amounted to approximately HKD 209.1 million, down from HKD 235.7 million at the end of the previous year[50] - The liquidity ratio as of June 30, 2022, was 0.67, a decrease from 0.74 at the end of the previous year, primarily due to an increase in accrued liabilities[51] - Total assets decreased by 4.9% to HKD 991.4 million from HKD 1,042.0 million[62] Cash Flow - The company’s cash and cash equivalents decreased to HKD 98,475,000 as of June 30, 2022, compared to HKD 100,228,000 at the end of the previous year[18] - Operating cash flow for the first half of 2022 was negative HKD 92,215,000, contrasting with a positive cash flow of HKD 76,053,000 in the same period of 2021[18] - Cash on hand decreased by 1.9% to HKD 152.8 million, while borrowings increased by 4.1% to HKD 209.1 million[62] Market and Economic Conditions - The retail market in Hong Kong saw a total sales amount of HKD 169.87 billion, a decline of 2.6% year-on-year[65] - The retail sales value in Hong Kong decreased by 2.6% year-on-year, reflecting a significant decline in consumer sentiment due to the fifth wave of COVID-19[42] - Online sales surged over 50% compared to the same period last year, as the company shifted more resources to online channels to offset the decline in offline sales[42] - The Hong Kong government has revised the GDP growth forecast for 2022 from 2%-3.5% to 1%-2% due to deteriorating export prospects and rising interest rates[70] - The local GDP contracted by 3.9% in Q1 and further shrank by 1.4% in Q2, marking the second recession in three years[74] - The average daily trading volume in the Hong Kong securities market decreased by 26.5% during the period[74] - The number of new IPOs in Hong Kong was only 27, a decrease of 41.3% compared to the previous year, representing the lowest level since 2009[77] - The tourism sector employs approximately 257,000 people, accounting for 6.6% of total employment in Hong Kong, but strict travel restrictions continue to hinder economic growth[70] Strategic Initiatives - The company plans to continue focusing on expanding its retail and asset management segments to drive future growth[24] - The company is focusing on developing new brands and enhancing product offerings to adapt to changing consumer behaviors due to the pandemic[68] - The introduction of augmented reality (AR) applications aims to improve the online shopping experience for customers[67] - The company plans to expand its product categories and services through new brand developments, enhancing the overall home living experience for customers[68] - The company aims to enhance its "online and offline" business integration to improve customer service and reduce operational costs amid economic uncertainty[70] - The company plans to expand its asset management business as part of a long-term sustainable strategy[73] - The company is committed to digital transformation, launching the "Alpha i 2.0" app, which has gained popularity for its user-friendliness and speed, enhancing customer experience[85] Shareholder Information - The company holds a significant stake, with the largest shareholder owning approximately 49.79% of the shares, indicating strong insider confidence[91] - Major shareholders include Hobart Assets Limited and Cash Guardian, each holding 39,599,098 shares, representing 49.05% of the company[102] - Dr. Kwan, the chairman and CEO, holds a total of 40,197,599 shares, which accounts for 49.79% of the company's equity[102] Compliance and Governance - The company has adhered to the corporate governance code as per the listing rules, except for the separation of the roles of chairman and CEO[103] - All directors confirmed compliance with the trading code during the review period[104] - The company’s governance structure ensures a balanced distribution of power and authority among the board and senior management[103] - The company’s audit committee reviewed the unaudited consolidated performance for the first half of 2022[106] Employee Information - The company employed 787 staff members as of June 30, 2022, with total employee wage costs amounting to approximately HKD 89.6 million during the reporting period[87] - The company is actively pursuing training programs to enhance employee skills and overall competitiveness, including compliance training as mandated by regulatory authorities[89] Stock Options - The company has a total of 41,427,000 stock options available, with 23,550,000 options remaining unexercised as of June 30, 2022[100] - The stock options granted to directors and employees include a total of 12,709,500 options that are unexercised, representing 2.76% of the issued shares[96] - The old stock option plan was terminated and replaced by a new stock option plan approved on September 30, 2021[98] - The exercise price for stock options ranges from HKD 0.480 to HKD 1.450, with varying exercise periods[100] - The stock options vest in phases, with specific performance milestones required for exercise[99] - The company aims to align the interests of its advisors and directors with the long-term goals of the organization through the stock option plan[100]

Financial Performance - The total revenue for the year ended December 31, 2021, was HKD 1,368,100,000, slightly down from HKD 1,379,500,000 in the previous year[33]. - The company recorded a net loss of HKD 43,300,000 for the year, impacted by impairment losses from an associate company[33]. - The company's retail business recorded a profit before tax of HKD 13,300,000 for the year ended December 31, 2021, down from HKD 77,400,000 in the previous year, indicating a significant decline in profitability[35]. - The asset management business achieved a revenue of HKD 6,000,000 and a net profit of HKD 2,300,000 for the year ended December 31, 2021, compared to a net loss of HKD 600,000 in the previous year, reflecting a strong recovery[36]. - The financial services segment reported revenue of HKD 96,900,000 for the year ended December 31, 2021, a decrease of 6.6% from HKD 103,700,000 in 2020[37]. - The wealth management business experienced a growth of 116.0%, driven by a strong and high-quality team, despite the overall decline in the Hong Kong stock market[37]. - The company faced a net loss of HKD 53,500,000 for the year ended December 31, 2021, compared to a net loss of HKD 39,100,000 in the previous year, indicating ongoing financial challenges[39]. - The total outstanding borrowings increased to approximately HKD 235,600,000 as of December 31, 2021, up from HKD 162,300,000 at the end of 2020, primarily due to cash outflows from operations[42]. - The company's cash and bank balances increased to HKD 222,700,000 as of December 31, 2021, compared to HKD 215,400,000 at the end of the previous year, reflecting improved liquidity[42]. - The company recorded a net loss of HKD 14,700,000 from its trading securities portfolio due to the decline in the Hong Kong stock market[38]. - The capital debt ratio increased to 116.2% as of December 31, 2021, compared to 62.7% in 2020, primarily due to an increase in interest-bearing borrowings and a decrease in total equity[43]. - The group's total revenue for 2021 was HKD 1,368.1 million, a decrease of 0.8% from HKD 1,379.5 million in 2020[50]. - The net loss attributable to shareholders for 2021 was HKD 43.1 million, a decline of 207.8% compared to a profit of HKD 40.0 million in 2020[50]. Business Strategy and Development - The company aims to expand its market presence by leveraging advanced trading technologies and developing talent in quantitative trading[10]. - The company plans to reconsider investments in physical stores and online platforms to create a unique customer journey, emphasizing product experience[22]. - The company is focused on expanding its wealth management services to high-net-worth individuals and corporate clients in the Greater Bay Area and Yangtze River Delta regions[25]. - The company plans to enhance its climate management strategies to contribute to the growing demand for climate financing and green investments[26]. - The company aims to simplify, standardize, digitize, and automate its operations to improve customer service and operational efficiency[28]. - The company plans to continue enhancing its "new retail" business model and improve supply chain flexibility to capitalize on post-pandemic economic recovery opportunities[66]. - The company aims to expand its business scope from proprietary trading to asset management as a long-term growth strategy[69]. - The company will launch its first public fund and open-ended fund company private fund in the second half of 2022, aiming to increase managed assets and attract new clients[84]. Customer Experience and Engagement - The company reported a strong performance with a focus on enhancing customer experience through technology and innovation[4]. - The retail segment, Pricerite, has successfully implemented an omnichannel retail model, improving customer shopping experiences across various platforms[5]. - The company continues to invest in digital transformation to adapt to changing consumer behaviors and enhance customer engagement throughout the purchasing journey[22]. - The company aims to promote productivity and comfort for customers working from home, reflecting the blurred lines between office and home work environments[22]. - The company is focusing on four strategic product categories to meet customer needs during the pandemic: home hygiene and disinfection, home cooking and dining, home decor, and work-from-home solutions[21]. - The company has established partnerships and human resource layouts in key financial centers to enhance its position in national economic development and openness[13]. - The company launched the upgraded trading application "Alpha i 2.0," providing seamless real-time market data for multiple markets[76]. - The company introduced a flexible payment option through the Atome platform to strengthen online and offline services for customers seeking quality home products[58]. - The company is set to launch more products tailored to the "new normal" of space management, driven by the increasing demand for home organization solutions[59]. - The "fast commerce" model is being developed to ensure timely delivery solutions for various customer needs, enhancing the overall shopping experience[65]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainability, actively engaging in eco-friendly initiatives and receiving recognition for its efforts[7]. - The company is committed to sustainable development goals and has expanded its initiatives to include five key market pillars: people, prosperity, planet, peace, and partnership[30]. - The company aims to minimize its operational impact on the environment by setting ESG-related goals[182]. - The total greenhouse gas emissions decreased by approximately 21.43% during the reporting period[194]. - The company achieved a total greenhouse gas emission density of 1.43 tCO2e per million revenue, down from 1.82 tCO2e per million revenue in the previous year[195]. - The company received multiple awards for its environmental efforts, including the "Excellence Level" Waste Reduction Certificate from the Environmental Campaign Committee[190]. - The company actively seeks opportunities to save energy and reduce waste as part of its "Green Vision" initiative[190]. - The company has implemented measures to optimize delivery quantities to reduce carbon emissions from transportation[194]. - The company promotes high standards in waste reduction and educates employees on the importance of sustainability[198]. - The company encourages stakeholders to opt for electronic communication to reduce paper consumption[199]. Governance and Management - The management team consists of highly qualified professionals with extensive experience in various financial sectors, ensuring compliance with regulations in Hong Kong, mainland China, and global markets[15]. - The company has adopted multiple policies to ensure compliance with the corporate governance code, fully adhering to the code provisions for the year ending December 31, 2021[117]. - The board consists of seven directors, including four executive directors and three independent non-executive directors, possessing relevant skills and experience in the industry[118]. - The company has a strong focus on human capital management, with experienced professionals in strategic HR planning and talent management[106]. - The company has a clear strategy for business development and operational oversight, led by the CEO and supported by the executive team[119]. - The board is responsible for establishing and maintaining an effective risk management and internal control system to achieve strategic objectives[156]. - The risk management framework includes five steps: risk identification, risk assessment and prioritization, appointing risk managers, risk response, and risk information communication and monitoring[158]. - The company has implemented procedures to identify new risks arising from market conditions or external environment changes, which may increase loss or reputational risks[160]. - The internal audit function provides independent assessments of the adequacy and effectiveness of the risk management and internal control systems[162]. - The company encourages employees to report unethical behavior without fear of retaliation through established reporting channels[164].

Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 670,923,000, representing an increase of 3.9% compared to HKD 646,611,000 for the same period in 2020[3] - The cost of goods sold was HKD 379,241,000, up from HKD 356,120,000, indicating a rise of 6.5% year-over-year[3] - The company reported a loss before tax of HKD 10,282,000, compared to a profit of HKD 3,450,000 in the previous year, reflecting a significant decline[3] - Total comprehensive income for the period was a loss of HKD 10,178,000, compared to a loss of HKD 3,711,000 in the same period last year[6] - Basic and diluted loss per share was HKD 0.129, compared to HKD 0.106 for the same period in 2020, indicating a worsening performance[6] - The company reported a net cash inflow from operating activities of HKD 76,053,000, compared to HKD 51,000,000 for the same period in 2020, representing a 49.0% increase[15] - The net loss for the period was HKD 10,300,000, compared to a net loss of HKD 3,800,000 in the previous year[37] - The group’s total revenue increased by 3.3% year-on-year to HKD 668.6 million, while net profit was HKD 600,000 compared to HKD 13.8 million in the same period last year[39] Assets and Liabilities - Non-current assets totaled HKD 636,534,000 as of June 30, 2021, compared to HKD 620,955,000 at the end of 2020, showing a slight increase[8] - Current liabilities amounted to HKD 660,933,000, down from HKD 687,265,000 at the end of 2020, indicating a reduction in short-term obligations[10] - The company's cash and bank balances decreased to HKD 100,228,000 from HKD 141,246,000, reflecting a decline in liquidity[8] - The equity attributable to owners of the company was HKD 266,370,000, down from HKD 296,864,000 at the end of 2020, indicating a decrease in shareholder value[10] - Cash and cash equivalents decreased to HKD 100,228,000 at the end of June 2021, down from HKD 147,651,000 at the end of June 2020, marking a decline of 32.1%[15] - The total assets decreased by 4.9% to HKD 1,042.0 million as of June 30, 2021, down from HKD 1,095.3 million on December 31, 2020[57] Segment Performance - The retail segment generated revenue of HKD 668,631,000, an increase of 3.9% from HKD 643,764,000 in the previous year[21] - The company’s gross profit margin for the retail segment was approximately 95.2% for the six months ended June 30, 2021, compared to 97.9% in the same period of 2020[24] - The asset management segment incurred a loss of HKD 3,163,000 for the six months ended June 30, 2021, compared to a loss of HKD 2,781,000 in the previous year[24] - The financial services segment of the group recorded revenue of HKD 55.8 million, up 10.5% from HKD 50.5 million in the same period last year[42] - The asset management business generated revenue of HKD 2.3 million but reported a net loss of HKD 3.2 million during the review period[40] - The group's net loss for the financial services segment was HKD 19 million, an improvement from a net loss of HKD 28.1 million in the same period last year[45] Market and Economic Conditions - Hong Kong's GDP grew by 7.8% year-on-year in the first half of the year, ending six consecutive quarters of contraction[39] - The unemployment rate in Hong Kong decreased from a peak of 7.2% in February to 5.5% by the end of the review period[39] - The average daily trading volume in the Hong Kong securities market increased by 60% in the first half of 2021 compared to the same period in 2020[79] - The total amount raised through IPOs in Hong Kong reached a record HKD 210 billion in the first half of 2021, a 127% increase year-on-year[80] - The unemployment rate decreased from a peak of 7.2% in early 2021 to 5.0% in mid-2021, indicating a recovery in economic activity[78] Strategic Initiatives - The company plans to continue expanding its retail operations in Hong Kong and China, focusing on enhancing customer experience and product offerings[27] - The company expanded its product offerings by 11% in the first half of the year, focusing on home hygiene, cooking, home decor, and remote work[61] - The company introduced new products such as upgraded SPACE CUBE and fitness bikes to cater to the "stay-at-home economy" trend[63] - The company partnered with logistics platform "Zeek" to enhance delivery services, offering a 4-hour express delivery option[63] - The company launched a "buy now, pay later" payment option through the Atome platform to improve customer access to quality products[64] - The company plans to enhance its "new retail" business model to add value to the supply chain and improve flexibility[74] - The company is committed to enhancing its digital marketing efforts to increase brand exposure and attract more investors to its mobile trading platform[86] Corporate Governance and Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2021, consistent with the previous year[36] - The company has a balanced distribution of power and authority within its board and senior management, ensuring effective governance[108] - The company is committed to maintaining high standards of corporate governance as per the listing rules[106] - Major shareholders include Hobart Assets Limited and Cash Guardian, each holding 39,599,098 shares, representing 49.05% of the company[105] - The company holds a significant stake in its own shares, with the largest shareholder owning 49.79% of the company[93] - The stock options granted to directors and employees are subject to performance milestones and business budget plans approved by the board[99]

Financial Performance - The overall group achieved a pre-tax profit of HKD 46.3 million, compared to a pre-tax loss of HKD 92.7 million last year[20]. - The group recorded a net profit of HKD 41,000,000 for the year ending December 31, 2020, compared to a net loss of HKD 100,400,000 in the previous year[29]. - The net profit attributable to shareholders for 2020 was HKD 40.0 million, a significant recovery from a loss of HKD 99.4 million in 2019, representing a 140.2% increase[49]. - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% year-over-year growth[94]. - Total revenue for 2020 was HKD 1,379.5 million, a decrease of 0.6% compared to HKD 1,387.8 million in 2019[48]. Retail and Market Performance - The retail segment, Pricerite, has successfully implemented an omnichannel retail model, enhancing customer shopping experiences through a robust store network and various electronic platforms[5]. - The retail business of the group turned a loss of HKD 2.4 million last year into a profit of HKD 77.4 million this year[20]. - The company's online sales continued to grow, resulting in a record annual e-commerce growth rate in 2020, with retail revenue of HKD 1,375,900,000, a slight decrease of 0.7% from HKD 1,385,200,000 in 2019[31]. - The retail sales value in Hong Kong dropped by 24.3% year-on-year, reflecting the challenging economic environment[30]. - The company plans to open new stores in emerging residential areas such as East Kowloon and New Territories West, focusing on new product lines with innovative aesthetics and functionality[58]. Wealth Management and Financial Services - The financial services segment holds a full license to operate in Hong Kong, providing comprehensive investment and wealth management services across various financial products[12]. - Wealth management business revenue more than doubled compared to the previous year, driven by a comprehensive understanding of clients' financial needs[25]. - The financial services segment reported a significant improvement in loss from HKD 116.9 million last year to HKD 39.1 million this year[20]. - The group has established new wealth management centers in Guangzhou and Dongguan, with plans for further expansion in the Greater Bay Area and Yangtze River Delta regions[14]. - The company is transitioning to a comprehensive wealth management advisory group to meet changing client interests and income volatility[72]. Technology and Innovation - The company has a strong focus on technology integration across its operations, enhancing efficiency in logistics, marketing, and customer service[5]. - The launch of the Alpha i mobile trading app in 2018 utilized big data and AI, catering to tech-savvy younger generations[14]. - The company is investing $30 million in research and development for new technologies aimed at enhancing user experience[94]. - The introduction of a new online sales management system aims to enhance real-time communication with clients and improve customer satisfaction[75]. - The company is focused on providing personalized wealth management and investment products in Hong Kong and mainland China, aiming to become a leading technology-driven financial services firm[78]. Environmental and Social Responsibility - Environmental initiatives have been recognized with awards such as the "Hong Kong Environmental Excellence Award" and "Outstanding Environmental Enterprise" from the Bank of China[7]. - The company is committed to supporting the community by providing essential supplies during the pandemic, demonstrating its corporate social responsibility[21]. - The company’s environmental, social, and governance (ESG) report covers data directly monitored and controlled by the company, reflecting its commitment to ESG principles[169]. - The group received the "Waste Reduction Certificate" (basic level) and "Waste Reduction Certificate" (excellence level) for its waste management efforts[177]. - The group promotes environmental awareness among employees through various initiatives, including participation in "Earth Hour" activities[182]. Cost Management and Operational Efficiency - The group successfully reduced overall operating costs by 27.6% through cost control measures implemented in previous years[23]. - The company has implemented cost control measures to streamline operations and workflows in response to pandemic challenges[58]. - The total employee compensation for the year was approximately HKD 197.2 million, with 777 employees as of December 31, 2020[80]. - The company reported a 10% reduction in operational costs due to improved efficiency measures implemented in the last quarter[94]. - The rental cost decreased by 7% due to rent concessions during the pandemic, and employee costs were reduced by 16% thanks to government support[29]. Corporate Governance - The board of directors emphasized a commitment to sustainable practices, with plans to invest $20 million in eco-friendly initiatives[94]. - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring a diverse skill set relevant to the group's business management[109]. - The company has a formal schedule outlining matters requiring board approval, including financial assistance to directors and dividend distributions[115]. - The company has adopted a diversity policy for board appointments, considering factors such as gender, age, and professional skills[129]. - The company has implemented various training programs to enhance employee skills and overall competitiveness, including product knowledge and customer service training[82]. Employee and Workforce Management - The total number of employees decreased from 797 in 2019 to 777 in 2020, with a reduction of 20 employees[191]. - Full-time employees decreased from 668 in 2019 to 620 in 2020, a decline of approximately 7.2%[191]. - The company conducted over 100 internal training sessions during the reporting period, focusing on various skills including product knowledge and customer service[196]. - The company promotes a family-friendly work environment, offering family leave benefits and employee support programs[189]. - The number of employees aged 30 and below decreased from 189 in 2019 to 183 in 2020, a reduction of about 3.2%[193].

Financial Performance - Total revenue for the six months ended June 30, 2020, was HKD 646,611,000, a decrease of 7.5% compared to HKD 699,320,000 in the same period of 2019[5] - The net loss for the period was HKD 3,789,000, significantly improved from a loss of HKD 35,753,000 in the previous year[6] - Basic and diluted loss per share was HKD 0.5, compared to HKD 4.1 in the same period last year[6] - The company reported a total comprehensive loss of HKD 3,711,000 for the period, compared to a loss of HKD 36,081,000 in the previous year[6] - The company recorded a total comprehensive loss of HKD 48,356,000 for the period, compared to a loss of HKD 35,753,000 in the previous year, indicating a worsening financial performance[12] - The group reported a net loss attributable to shareholders of HKD 4.4 million, a significant improvement of 87.1% from a loss of HKD 34.2 million in the same period last year[60] Revenue Breakdown - The retail segment generated revenue of HKD 643,764,000, while the asset management segment contributed HKD 2,847,000, marking the company's entry into asset management services in China[25] - For the six months ended June 30, 2020, the company recorded revenue of HKD 643.8 million, a decrease of 7.9% compared to HKD 699.3 million in the same period last year[43] - The financial services segment reported revenue of HKD 50.5 million, down 15.8% from HKD 60 million in the same period last year[45] - The asset management business recorded revenue of HKD 2.8 million with a net loss of HKD 2.8 million for the six months ended June 30, 2020[44] Assets and Liabilities - Non-current assets totaled HKD 691,541,000 as of June 30, 2020, a decrease from HKD 712,953,000 at the end of 2019[7] - Current assets decreased slightly to HKD 403,754,000 from HKD 408,096,000 at the end of 2019[7] - Total liabilities increased to HKD 681,647,000 from HKD 668,790,000 at the end of 2019[8] - The company’s total equity attributable to owners decreased to HKD 261,694,000 from HKD 307,397,000, reflecting a decline of approximately 14.8%[12] - The company’s accumulated losses decreased to HKD 511,987,000 as of June 30, 2020, from HKD 541,422,000 at the beginning of the period[12] Cash Flow - For the six months ended June 30, 2020, the company reported a net cash inflow from operating activities of HKD 51,000,000, a significant improvement from a net outflow of HKD 37,678,000 in the same period of 2019[14] - Cash and cash equivalents increased to HKD 147,651,000 from HKD 132,450,000 at the end of 2019[7] - The cash and cash equivalents at the end of the period increased to HKD 147,651,000 from HKD 183,886,000 at the end of the previous period, reflecting a net increase of HKD 15,201,000[14] - The company’s total borrowings decreased to approximately HKD 201.6 million from HKD 254.9 million at the end of the previous year, primarily due to cash inflows from operations[49] - The capital debt ratio improved to 120.9% from 149.5% at the end of the previous year, reflecting a reduction in interest-bearing borrowings[50] Business Strategy and Expansion - The company plans to continue expanding its asset management services in China, which was initiated in the second half of 2019, as part of its growth strategy[23] - The group anticipates over 30,000 new households moving in during the second half of the year, indicating strong and stable demand for furniture and home products[69] - The company aims to expand its wealth management services in the Greater Bay Area and the Yangtze River Delta region[74] - The company is focused on transforming into a comprehensive financial services firm, emphasizing integrated wealth management services[73] - The company plans to accelerate the adoption of advanced technologies, including robotic process automation and AI customer management systems, over the next two years[77] Operational Adjustments - Retail sales in Hong Kong dropped by 33.3% year-on-year due to the impact of COVID-19 and social distancing measures[42] - The unemployment rate surged to 6.2%, the highest in a decade, negatively affecting consumer spending and overall economic conditions[42] - Online sales doubled during the pandemic as the company optimized its e-commerce platform and adjusted its product mix to include more hygiene products[42] - The company implemented cost control measures and negotiated rent reductions with retail landlords to mitigate financial impacts[42] - The group implemented comprehensive cost control measures, including store network restructuring and rent negotiations, to optimize cost structure and improve operational efficiency[62] Shareholder Information - The company holds a 34.41% equity interest owned by Dr. Kwan Pak Ho, with a total of 281,767,807 shares[85] - As of June 30, 2020, Dr. Kwan Pak Ho has a total of 1,667,821,069 shares in the company, representing a 33.65% ownership stake[89] - Major shareholders include Hobart Assets Limited and Cash Guardian, each holding 281,767,807 shares, representing 33.89% of the company[94] - Mr. Wang Ruiming holds 82,204,926 shares, accounting for 9.88% of the company's total shares[94] Employee and Governance - The company employs 812 staff members as of June 30, 2020, with total employee compensation costs amounting to approximately HKD 90 million[81] - The company has implemented various training programs to enhance employee skills and overall competitiveness, including language skills, product knowledge, and customer service[83] - The company provides employee benefits such as MPF schemes, medical insurance, and performance bonuses[82] - The company has complied with the corporate governance code as per the listing rules during the accounting period from January 1 to June 30, 2020[95] - The company did not establish a nomination committee as its functions are executed under the full regulation of the board of directors[97]