香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 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。 (於開曼群島註冊成立的有限公司) （股份代號： 1146） 截至二零二二年十二月三十一日止年度 年報的補充公告 茲提述中國服飾控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於二零二三年 三月二十四日刊發的截至二零二二年十二月三十一日止年度的年報（「二零二二年年報」）。 除另有說明外，本公告所用詞彙與二零二二年年報中所界定者俱有相同涵義。 除二零二二年年報中提供的信息外，本公司董事會謹提供有關財務報表附註34所載股份 獎勵計劃的進一步信息： 根據股份獎勵計劃，可授予獲選僱員的股份最高數目在任何時候均不得超過本公司已發 行股本的百分之一。 上述信息不影響二零二二年年報內容，除本公告已披露的內容外，二零二二年年報內容 未發生變化。 ...

Financial Performance - In 2022, the company's revenue decreased by RMB 117.0 million to RMB 206.5 million, a decline of approximately 36.2% compared to RMB 323.5 million in 2021[6] - The loss attributable to equity holders increased by RMB 100.4 million to RMB 252.2 million, representing a growth of approximately 66.1% from RMB 151.8 million in 2021[6] - Total revenue for 2022 was RMB 206.5 million, down from RMB 323.5 million in 2021, representing a decline of about 36.2%[21] - Gross profit decreased from RMB 194.6 million in 2021 to RMB 81.4 million in 2022, a decline of approximately 58.2%[23] - The company reported a net loss of RMB 253.7 million for the year 2022, compared to a loss of RMB 151.9 million in 2021, representing an increase of approximately 66.9%[33] - Pre-tax loss increased from RMB 116.3 million in 2021 to RMB 203.2 million in 2022, an increase of approximately 74.7%[31] - Financial income decreased from RMB 14.5 million in 2021 to RMB 6.0 million in 2022, a decline of about 58.6%[29] - The company had a net cash flow used in operating activities of RMB 31.5 million in 2022, a decrease from RMB 72.6 million used in 2021[39] - The company had a net current asset value of approximately RMB 776.9 million as of December 31, 2022, down from RMB 893.2 million in 2021[37] Sales and Revenue Sources - Online sales revenue increased by RMB 1.3 million to RMB 25.3 million, a growth of approximately 5.4%, with online sales accounting for 12.3% of total sales, up from 7.4% in 2021[7] - The sales from self-operated retail points decreased by RMB 106.5 million to RMB 169.1 million, a decline of approximately 38.6%, representing about 81.8% of total revenue[16] - Revenue from self-operated retail points decreased from RMB 275.6 million in 2021 to RMB 169.1 million in 2022, a decline of approximately 38.7%[18] - Revenue from third-party retailers dropped from RMB 23.9 million in 2021 to RMB 12.1 million in 2022, a decrease of about 49.4%[18] - The revenue from outlet stores decreased by RMB 26.4 million to RMB 64.6 million, a decline of approximately 29.0%[16] - The sales from the self-developed O2O system decreased from RMB 32.9 million in 2021 to RMB 12.2 million in 2022, a decline of approximately 62.9%[51] - Revenue from the WeChat mall increased from RMB 6.2 million in 2021 to RMB 10.9 million in 2022, an increase of RMB 4.7 million[51] Retail Operations - The number of self-operated retail points decreased from 310 to 195, a reduction of 115 locations[16] - The total number of retail points decreased from 355 in 2021 to 236 in 2022, with a significant reduction in self-operated retail points[45] - As of December 31, 2022, the company maintained 41 retail points operated by third-party retailers, consistent with 45 retail points as of December 31, 2021[47] Cost Management - Selling and distribution expenses fell from RMB 275.7 million in 2021 to RMB 196.0 million in 2022, a decrease of about 28.9%[25] - Administrative expenses decreased from RMB 52.5 million in 2021 to RMB 46.3 million in 2022, a decline of approximately 11.8%[26] - Other income and gains decreased from RMB 17.2 million in 2021 to RMB 11.8 million in 2022, a decline of about 31.4%[24] - The total employee cost for 2022 was RMB 32.9 million, down from RMB 36.8 million in 2021, with approximately 273 full-time employees as of December 31, 2022[60] Strategic Initiatives - The company plans to focus on digital transformation and increase online sales through various e-commerce platforms in 2023[10] - The company plans to explore online sales opportunities through live streaming and increase sales on major e-commerce platforms like Tmall and JD.com[63] - The company aims to enhance brand exposure on social media platforms such as Xiaohongshu and Douyin[63] - The company established a joint venture with Shanghai Jigao Cultural Development Group to develop and operate theme parks, enhancing brand visibility[8] - The company established a joint venture, Shanghai Hongmeng Cultural Development Co., Ltd., with a 60% stake, focusing on the design, manufacturing, and marketing of children's clothing and accessories[52] Economic Environment - The overall retail sales in China declined by 0.2% in 2022, with major retail enterprises experiencing a 9.3% drop in sales[14] - The GDP growth rate in China fell to 3.0% in 2022, down from 8.1% in 2021, reflecting the broader economic impact of the pandemic[14] - The company acknowledges the uncertainty surrounding the future growth of the Chinese economy and consumer spending, which could significantly impact its business outlook[64] Risks and Challenges - The company is exposed to various risks, including foreign currency risk, credit risk, and liquidity risk, which could impact its financial performance[73] - The company cannot guarantee that it will successfully predict or meet changing consumer preferences and fashion trends, which could lead to decreased sales and profitability[66] - The company is susceptible to the impact of sudden infectious disease outbreaks, which may lead to temporary closures of retail outlets and affect product sales[74] - The company relies heavily on third-party manufacturers and suppliers for the production of most products, and any disruption in their operations could adversely affect the company's performance[70] - The company's operations are vulnerable to unexpected climate changes, which can affect seasonal product sales[71] - The company faces significant competition in the retail and apparel industry, with competitors potentially having stronger financial and operational resources[65] Corporate Governance - The company reported a commitment to high ethical standards in corporate governance, aiming to maximize long-term returns for shareholders[92] - The board consists of 7 members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors, ensuring a balanced skill set and experience[97] - The company has adhered to the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual for effective leadership[99] - Independent non-executive directors have confirmed their independence according to the relevant guidelines, ensuring compliance with listing rules[101] - The board has established an independence assessment mechanism to enhance efficiency and identify areas for improvement[102] - The company emphasizes transparency and accountability in its operations, which is crucial for maintaining shareholder trust[92] Shareholder Information - The company reported a loss for the year ending December 31, 2022, with no proposed final dividend[162] - As of December 31, 2022, the company's distributable reserves amounted to approximately RMB 388.5 million[170] - The top five customers accounted for approximately 14.4% of total sales, with the largest customer contributing 4.6%[172] - The top five suppliers represented about 43.9% of total purchases, with the largest supplier accounting for 27.2%[172] Stock Options and Shareholding - The company has a stock option plan approved conditionally by shareholders on November 25, 2011[188] - The total number of securities available for issuance under the stock option plan is 344,545,000 shares, representing 10% of the issued shares as of the report date[193] - As of December 31, 2022, there are 221,500,000 unexercised stock options held by 78 participants, including 7 current directors[199] - The stock options granted on December 10, 2018, total 273,000,000, with a subscription price of HKD 1[195] - The total unexercised stock options as of December 31, 2022, amounted to 166,500,000 shares after accounting for 8,300,000 shares that were canceled[200] - The independent non-executive directors collectively hold 15,000,000 unexercised stock options[200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，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。 (於開曼群島註冊成立的有限公司) （股份代號： 1146） 截至二零二二年十二月三十一日止年度 全年業績公佈 中國服飾控股有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司（統 稱「本集團」）截至二零二二年十二月三十一日止年度的綜合業績，連同上一年度的比較數 字如下： 財務概要 截至十二月三十一日止年度 二零二二年 二零二一年 人民幣 人民幣 百萬元 百萬元 變動 收入 206.5 323.5 (36.2%) 毛利 81.4 194.6 (58.2%) ...

Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 121.6 million, a decrease of 27.4% from RMB 167.6 million for the same period in 2021[8]. - Gross profit for the same period was RMB 75.8 million, down 35.6% from RMB 117.7 million in 2021[8]. - Operating loss increased to RMB 56.9 million, compared to RMB 53.7 million in the previous year, reflecting a 6.0% increase[8]. - Loss attributable to equity holders of the parent rose by 51.9% to RMB 73.8 million from RMB 48.6 million in the prior year[8]. - Basic loss per share was RMB 2.25, an increase of 52.0% from RMB 1.48 in the same period last year[8]. - The gross margin decreased to 62.3%, down 7.9 percentage points from 70.2%[8]. - The company reported a loss of RMB 73.9 million for the period, compared to a loss of RMB 48.7 million for the six months ended June 30, 2021, representing an increase of approximately 51.9%[39]. - The company reported a net loss of RMB 73,852,000, compared to a loss of RMB 48,652,000 in the previous year, representing a 52% increase in losses[109]. - The overall adjusted pre-tax loss for the company was RMB 54,019,000[167]. Revenue Breakdown - The retail sales of self-operated retail points decreased by approximately 31.8%, contributing about 82.7% to total revenue[18]. - Revenue from online sales increased from RMB 12.4 million to RMB 13.4 million, a growth of approximately 8.1%, accounting for about 11.0% of total revenue[19]. - Revenue from self-operated retail points was RMB 100.6 million, representing 82.7% of total revenue, down from RMB 147.4 million (87.9%) in the same period last year[21]. - Revenue from authorized brands was RMB 57.3 million, accounting for 47.1% of total revenue, compared to RMB 71.7 million (42.8%) last year[23]. - Revenue from online discount platforms increased from RMB 2.4 million to RMB 2.7 million, a growth of about 12.5%[19]. - Revenue from the WeChat mall increased from RMB 2.7 million to RMB 6.6 million, representing a growth of about 140%[64]. - Revenue from external customers in Taiwan and mainland China for the six months ended June 30, 2022, was RMB 121,597 thousand, a decrease from RMB 167,561 thousand in the same period of 2021[180]. Cost Management - Selling and distribution expenses decreased from RMB 157.2 million to RMB 94.7 million, a decline of approximately 39.8%[29]. - Administrative expenses reduced from RMB 26.0 million to RMB 23.4 million, a decrease of about 10.0%[32]. - The company is focusing on cost reduction strategies, as evidenced by the significant decrease in outsourced labor and employee benefits expenses[198]. - Employee benefits expenses decreased to RMB 15,138,000 from RMB 16,922,000, a reduction of approximately 10.5%[198]. - Outsourced labor costs significantly decreased to RMB 22,255,000 from RMB 44,643,000, showing a reduction of about 50.2%[198]. Cash Flow and Liquidity - The net cash flow from operating activities decreased from an inflow of RMB 6.0 million to an outflow of RMB 18.1 million, primarily due to an increase in development properties by RMB 21.6 million[48]. - The company had cash and cash equivalents totaling approximately RMB 258.3 million at the end of the period, an increase from RMB 118.7 million[47]. - The company’s cash flow from financing activities showed a net outflow of RMB (16,815) thousand for the six months ended June 30, 2022, compared to RMB (22,547) thousand in the same period of 2021[140]. - The company reported a cash flow from operating activities of RMB (18,075) thousand for the six months ended June 30, 2022, compared to RMB 6,982 thousand in the same period of 2021[136]. Inventory and Asset Management - Days sales outstanding decreased significantly to 51 days from 95 days, a reduction of 44 days[10]. - Inventory turnover days increased to 876 days, up 299 days from 577 days[10]. - The company's inventory turnover days increased by 299 days, with inventory aging under one year rising from 404 days to 590 days[42]. - The book value of the development property as of June 30, 2022, was RMB 211.8 million, with an estimated completion rate of approximately 99%[65]. - The company maintained a total of 298 retail points as of June 30, 2022, down from 355 retail points as of December 31, 2021[55]. Corporate Governance and Shareholder Information - The company believes that high levels of corporate governance are crucial for protecting shareholder interests and enhancing corporate value[95]. - The audit committee has discussed risk management and internal control systems with management regarding the preparation of the interim financial statements[99]. - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[95]. - As of June 30, 2022, Zhang Yongli holds 9,028,000 ordinary shares and 3,000,000 related shares, totaling 12,028,000 shares, representing 0.35% of the company's issued share capital[77]. - CEC Outfitters Limited, wholly owned by Vinglory Holdings Limited, holds 839,748,000 shares, representing 24.37% of the company's issued share capital[78]. - Huang Xiaoyun holds 320,600,000 ordinary shares and 20,000,000 related shares, totaling 340,600,000 shares, representing 9.89% of the company's issued share capital[82]. - KKR China Apparel Limited holds 285,366,000 shares, representing 8.28% of the company's issued share capital, with 90% ownership by KKR China Growth Fund L.P.[85]. - Shen Chengjian holds 112,150,000 shares, while his spouse, Xiao Wenqing, holds 168,904,000 shares, representing 3.26% and 4.90% of the company's issued share capital respectively[86]. Strategic Initiatives - The company aims to enhance online and offline business integration through digitalization and will focus on increasing online sales channels in the second half of 2022[74]. - The company plans to prioritize inventory clearance due to relatively high inventory levels in the second half of 2022[74]. - The company established a joint venture, Shanghai Hongmeng Cultural Development Co., Ltd., with a 60% stake, focusing on clothing and accessories design and sales[66]. - The company engaged in a Just-in-time (JIT) delivery program with Vipshop, allowing direct delivery from warehouses to customers[59].

Financial Performance - The company's revenue decreased by 55.6% from RMB 727.8 million in 2020 to RMB 323.5 million in 2021 due to the termination of the Jeep brand men's wear licensing business[7]. - The loss attributable to equity holders increased by 24.2% from RMB 122.2 million in 2020 to RMB 151.8 million in 2021[16]. - Total revenue for the year 2021 was RMB 323.5 million, a decrease of RMB 404.3 million or approximately 55.6% compared to RMB 727.8 million in 2020[17]. - Revenue from self-operated retail points decreased by RMB 272.9 million to RMB 275.6 million in 2021, a decline of approximately 49.8%, accounting for about 85.2% of total revenue[18]. - Revenue from third-party retailers fell by RMB 66.0 million to RMB 23.9 million in 2021, a decline of approximately 73.4%, representing about 7.4% of total revenue[18]. - Online sales revenue decreased by RMB 65.4 million to RMB 24.0 million in 2021, a decline of approximately 73.2%, also accounting for about 7.4% of total revenue[21]. - Gross profit decreased by RMB 282.5 million to RMB 194.6 million in 2021, a decline of approximately 59.2%, with a gross margin of 60.2%[27]. - Selling and distribution expenses decreased by RMB 133.6 million to RMB 275.7 million in 2021, a decline of approximately 32.6%[29]. - Administrative expenses decreased by RMB 7.1 million to RMB 52.5 million in 2021, a decline of approximately 11.9%[32]. - Other income and gains decreased by RMB 4.2 million to RMB 17.2 million in 2021, a decline of approximately 19.6%[28]. - Cost of sales decreased by RMB 121.8 million to RMB 128.9 million in 2021, a decline of approximately 48.6%[26]. - Pre-tax loss increased by approximately 78.4% to RMB 116.3 million from RMB 65.2 million[37]. - Income tax expenses decreased by approximately 34.9% to RMB 35.5 million from RMB 54.5 million, primarily due to reduced pre-tax profits[39]. - The company reported a net loss of RMB 151.9 million for the year, compared to RMB 119.7 million in the previous year[40]. - Inventory turnover days increased by 236 days to 577 days, primarily due to increased procurement and reduced sales of old inventory[42]. - Net cash outflow from operating activities was RMB 72.6 million, a decrease from a cash inflow of RMB 127.3 million in the previous year[48]. Business Strategy and Development - Revenue from the company's own brand business increased by approximately 160% from RMB 69.8 million in 2020 to RMB 180.2 million in 2021, accounting for 55.7% of total revenue[8]. - The company launched a WeChat-based "cloud store" in collaboration with Weimob, contributing RMB 1.6 million in sales since its launch in September 2021[9]. - A joint venture was established to manage and operate children's clothing brands, leveraging strengths in branding, supply chain, digital marketing, and sales channels[12]. - The company plans to focus on developing its own brand business and digital-driven strategies in 2022, despite challenges posed by the Omicron variant[14]. - The company ended its eight-year partnership with J Barbour & Sons Limited to concentrate on its own brand development, particularly MCS and Marina Yachting[8]. - The company aims to explore new business opportunities, including brand licensing, group buying, wholesale, and consignment of non-apparel products[14]. - The company plans to enhance average store sales for MCS, Saint Paul, and Marina Yacht through digital tools and customer loyalty programs in 2022[73]. Market Environment - The Chinese retail market saw a GDP growth rate of 8.1% and a retail sales growth rate of 12.5% in 2021, indicating a recovery in the macroeconomic environment[16]. - The majority of the group's revenue comes from product sales in China, making it highly dependent on the Chinese consumer market's conditions and growth[76]. - Sales from licensed brand products account for approximately 44% of the group's total sales, highlighting reliance on third-party agreements[82]. - The group faces significant risks from fluctuating consumer spending due to changes in the macroeconomic environment in China, which could adversely affect business performance[76]. - The group operates in a highly competitive retail and apparel market, facing challenges from both international and domestic competitors[77]. - The group's ability to meet changing consumer preferences and fashion trends is critical for maintaining sales and profitability, with potential risks if unable to adapt[78]. - The group relies on third-party manufacturers for the production of most products, which could impact operations if supply chains are disrupted[82]. - Financial risks include foreign currency risk, credit risk, and liquidity risk, which could affect the group's financial stability[85]. - The business is susceptible to unexpected climate changes that can influence seasonal product sales[83]. - The group’s operations may be impacted by outbreaks of infectious diseases, potentially leading to temporary retail closures and reduced sales[86]. Corporate Governance - The company has a total of 7 board members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors[108]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring high standards of corporate governance[105]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors for the year ending December 31, 2021[106]. - The company has not detected any violations of the code of conduct by employees[107]. - The chairman and CEO roles are held by the same individual, Zhang Yongli, which the board believes provides strong and consistent leadership[111]. - All independent non-executive directors have confirmed their independence according to the guidelines set out in the listing rules[112]. - The company’s board members are required to retire and seek re-election at least every three years[113]. - The company has a commitment to enhancing corporate governance practices and ensuring compliance with the new corporate governance code effective from January 1, 2022[105]. - The company’s executive team has extensive experience in the retail and apparel industry, with key members having over 20 years of experience[102][103]. - The company is focused on strategic planning and operational management to enhance overall business performance[102]. - The board is responsible for leading and monitoring the company, ensuring effective business strategies and performance oversight[116]. - The audit committee held three meetings during the year to review financial performance and compliance procedures[123]. - The remuneration committee reviewed the company's compensation policy and structure, holding one meeting to discuss executive compensation[126]. - The nomination committee assessed the board's composition and diversity, holding one meeting to evaluate the qualifications of retiring directors[133]. - The company has established formal and transparent procedures for determining the compensation policies for directors and senior management[127]. - The board comprises a diverse range of directors with valuable business experience and knowledge[116]. - Directors are required to participate in ongoing professional development to stay updated on regulatory changes[117]. - The audit committee is responsible for reviewing financial statements and internal control systems[121]. - The company encourages all directors to attend relevant training courses, with costs covered by the company[117]. - The board committees are primarily composed of independent non-executive directors, ensuring effective oversight[120]. - The company has adopted a board diversity policy, emphasizing the importance of diverse backgrounds, including gender, age, and cultural background, to achieve strategic goals and sustainable development[134]. - The nomination committee will review the board diversity policy annually to assess its effectiveness and recommend necessary revisions to the board[137]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to take to achieve its strategic objectives[150]. - The company has established a risk management and internal control system aimed at managing and reducing business risks to enhance shareholder value[152]. - All departments conduct regular internal control assessments to identify risks that may affect the company's operations and financial processes[156]. - Management has confirmed the effectiveness of the risk management and internal control systems for the year ended December 31, 2021[157]. - The company has established a whistleblowing procedure for employees to confidentially express concerns regarding financial reporting and internal controls[158]. - The board, supported by the audit committee, reviewed the effectiveness of the risk management and internal control systems as of December 31, 2021, and deemed them sufficient[157]. Dividend Policy - The company has adopted a dividend policy without a predetermined payout ratio, considering factors such as operations, profitability, and financial condition when recommending dividends[173]. - The company did not recommend any final dividend for 2021, consistent with the previous year[74]. - The company’s distributable reserves as of December 31, 2021, were approximately RMB 669.5 million, calculated under the Cayman Islands Companies Law[194]. Customer and Supplier Information - The top five customers accounted for approximately 12.4% of total sales, with the largest customer representing 4.3% of total sales for the year ending December 31, 2021[195]. - The top five suppliers accounted for approximately 32.3% of total purchases, with the largest supplier representing 8.9% of total purchases for the year ending December 31, 2021[195].

(於開曼群島註冊成立的有限公司) (股份代號: 1146) 2021 中期報告 中國服飾控股有限公司 頁次 公司資料 2 財務摘要 3 管理層討論與分析 5 其他資料 17 中期簡明綜合財務報表審閱報告 23 中期簡明綜合損益表 25 中期簡明綜合全面收益表 26 中期簡明綜合財務狀況表 27 中期簡明綜合權益變動表 29 中期簡明綜合現金流量表 31 中期簡明綜合財務報表附註 34 目錄 1 中期報告2021 中國服飾控股有限公司 公司資料 執行董事 張永力先生（主席及行政總裁） 孫如暐先生 黃曉雲女士（首席財務官） 非執行董事 王瑋先生 獨立非執行董事 鄺偉信先生 崔義先生 楊志偉先生 公司秘書 李昕穎女士 授權代表 黃曉雲女士 李昕穎女士 審核委員會 鄺偉信先生（主席） 崔義先生 楊志偉先生 薪酬委員會 崔義先生（主席） 張永力先生 鄺偉信先生 提名委員會 張永力先生（主席） 楊志偉先生 鄺偉信先生 註冊辦事處 One Nexus Way Camana Bay Grand Cayman KY1-9005 Cayman Islands 中國總辦事處 中國上海 普陀區 同普路 1225弄9號 香港主要營業地 ...

Financial Performance - In 2020, the company's revenue decreased by 11.1% to RMB 727.8 million from RMB 818.7 million in 2019, with a loss attributable to shareholders of RMB 122.2 million compared to a profit of RMB 19.9 million in 2019[5]. - Revenue for 2020 decreased by RMB 90.9 million to RMB 727.8 million, a decline of approximately 11.1% compared to 2019[14]. - Gross profit decreased by RMB 160.9 million to RMB 477.1 million, a decline of approximately 25.2%, with the overall gross margin dropping from 77.9% in 2019 to 65.6% in 2020[19]. - The company reported a loss before tax of RMB 65.2 million in 2020, compared to a profit of RMB 53.8 million in 2019[28]. - The net loss for the year was RMB 119.7 million, compared to a profit of RMB 19.7 million in 2019[30]. - The loss attributable to equity holders of the parent was RMB 122.2 million, compared to a profit of RMB 19.9 million in 2019[33]. Revenue Sources - Online revenue reached RMB 89.4 million in 2020, representing a growth of 50.0% compared to RMB 59.6 million in 2019, accounting for approximately 12.3% of total revenue[6]. - Sales from self-operated retail points decreased by 11.6% to RMB 548.5 million, accounting for about 75.4% of total revenue[11]. - Revenue from third-party retailers fell by 35.3% to RMB 89.9 million, representing approximately 12.3% of total revenue, primarily due to the termination of the Jeep licensing agreement[11]. - Sales from self-operated retail points contributed RMB 548.5 million, accounting for 75.4% of total revenue, while sales to third-party retailers and online channels contributed RMB 89.9 million and RMB 89.4 million, respectively[14]. Operational Challenges - The company closed over 70% of its retail outlets starting from late January 2020 due to COVID-19, with operations gradually resuming in March[5]. - The retail market faced significant challenges in 2020, with a 3.9% decline in total retail sales in China compared to an 8.0% increase in 2019[5]. - The COVID-19 pandemic led to the closure of over 70% of retail points, significantly impacting sales and customer traffic in February and March 2020[64]. Cost Management - Selling and distribution expenses decreased by RMB 76.2 million to RMB 409.3 million, a decline of approximately 15.7%[21]. - Administrative expenses decreased by RMB 22.9 million to RMB 59.6 million, a decline of approximately 27.8%[22]. - Other income and gains decreased by RMB 8.8 million to RMB 21.4 million, a decline of approximately 29.1% due to reduced government subsidies[20]. - The cost of sales increased by RMB 69.9 million to RMB 250.7 million, an increase of approximately 38.7%[16]. Inventory and Receivables - Inventory turnover days decreased from 511 days in 2019 to 341 days in 2020, primarily due to the sale of all Jeep brand inventory by December 31, 2020[34]. - Trade receivables turnover days remained consistent at 59 days in 2020 compared to 49 days in 2019[35]. - Trade payables turnover days decreased from 72 days in 2019 to 45 days in 2020, mainly due to reduced new product procurement[36]. Cash Flow and Assets - As of December 31, 2020, the net current assets were approximately RMB 1,010.2 million, up from RMB 1,004.3 million in 2019, with a current ratio of 4.4 times compared to 3.8 times in 2019[37]. - Net cash inflow from operating activities increased from RMB 27.7 million in 2019 to RMB 127.3 million in 2020, a growth of approximately 360%[41]. - Net cash inflow from investing activities was RMB 139.4 million in 2020, primarily due to a decrease in short-term deposit investments[42]. Strategic Initiatives - The company established a strategy focused on developing its own brands, terminating licensing agreements with brands like Jeep and Barbour[6]. - The company aims to enhance competitiveness through digital initiatives, including O2O systems and customer loyalty programs, while expanding third-party retail partnerships[6]. - The company plans to explore new business opportunities in brand licensing, group buying, and consignment of non-apparel products[6]. - The company achieved sales of RMB 86.7 million from its O2O system in 2020, representing a 4.5% increase from RMB 83.0 million in 2019[61]. - The company is exploring new business opportunities such as brand licensing and consignment of non-apparel products on the WeChat mall[70]. Workforce and Employment - Employee costs for 2020 totaled RMB 56.0 million, down from RMB 111.8 million in 2019, reflecting a reduction in workforce from 747 to approximately 530 full-time employees[66]. - The company has outsourced a significant portion of its sales personnel and production workers, with approximately 1,500 employees outsourced as of December 31, 2020[65]. Corporate Governance - The company has appointed independent non-executive directors with extensive experience in finance and management, including Mr. Kwan, who has 12 years of experience in corporate finance and capital markets[90]. - The board consists of 7 members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors[105]. - The company has complied with the corporate governance code, except for the principle regarding the separation of the roles of chairman and CEO[109]. - The board has established an audit committee, a remuneration committee, and a nomination committee to oversee specific areas of the company's affairs[119]. Risk Management - The company has established a risk management and internal control system aimed at managing business risks to enhance shareholder value[148]. - All departments conduct regular internal control assessments to identify risks affecting business operations and compliance[152]. - The internal audit department is responsible for independently reviewing the adequacy and effectiveness of the risk management and internal control systems[154]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[164]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[102]. - The company has adopted a dividend policy without a predetermined payout ratio, considering various factors such as operations, profitability, and financial condition[165].

(股份代號: 1146) (Stock Code: 1146) INTERIM REPORT 2020 中 期 報 告 2020 Interim Report 2020 中期報告 中國服飾控股有限公司 頁次 公司資料 2 財務摘要 3 中期簡明綜合財務報表審閱報告 5 中期簡明綜合損益表 7 中期簡明綜合全面收益表 8 中期簡明綜合財務狀況表 9 中期簡明綜合權益變動表 11 中期簡明綜合現金流量表 13 中期簡明綜合財務報表附註 16 管理層討論與分析 46 其他資料 60 目錄 1 中期報告2020 中國服飾控股有限公司 公司資料 執行董事 張永力先生（主席及行政總裁） 孫如暐先生 黃曉雲女士（首席財務官） 非執行董事 王瑋先生 獨立非執行董事 鄺偉信先生 崔義先生 楊志偉先生 公司秘書 李昕穎女士 授權代表 黃曉雲女士 李昕穎女士 審核委員會 鄺偉信先生（主席） 崔義先生 楊志偉先生 薪酬委員會 崔義先生（主席） 張永力先生 鄺偉信先生 提名委員會 張永力先生（主席） 楊志偉先生 鄺偉信先生 註冊辦事處 190 Elgin Avenue George Town Grand Cayman KY1-9005 ...

年報 2019 Annual Report (於開曼群島註冊成立的有限公司) (股份代號: 1146) 目 錄 頁次 公司資料2 主席報告書 管理層討論與分析 董事及高級管理層 企業管治報告 董事會報告 獨立核數師報告 經審計財務報表 綜合損益表 綜合全面收益表 綜合財務狀況表 綜合權益變動表 綜合現金流量表 財務報表附註 財務概要 3 5 19 23 35 48 53 54 55 57 58 61 150 1 中國服飾控股有限公司 公司資料 執行董事 張永力先生（主席兼行政總裁） 孫如暐先生 黃曉雲女士（首席財務官） 非執行董事 王瑋先生 獨立非執行董事 鄺偉信先生 崔義先生 楊志偉先生 公司秘書 李昕穎女士 授權代表 黃曉雲女士 李昕穎女士 審核委員會 鄺偉信先生（主席） 崔義先生 楊志偉先生 薪酬委員會 崔義先生（主席） 張永力先生 鄺偉信先生 提名委員會 張永力先生（主席） 楊志偉先生 鄺偉信先生 註冊辦事處 190 Elgin Avenue George Town Grand Cayman KY1-9005 Cayman Islands 中國總辦事處 中國上海 普陀區 同普路1225弄9號 香港主要 ...

Financial Performance - Revenue for the six months ended June 30, 2019, was RMB 405.8 million, a decrease of 9.0% compared to RMB 445.7 million in the same period of 2018[6]. - Gross profit for the same period was RMB 318.1 million, down 4.5% from RMB 333.1 million year-on-year[6]. - Operating profit decreased by 40.2% to RMB 45.5 million from RMB 76.1 million in the previous year[6]. - Profit attributable to equity holders of the parent was RMB 30.7 million, a decline of 46.3% compared to RMB 57.2 million in 2018[6]. - Basic earnings per share were RMB 0.90, down 46.1% from RMB 1.67 in the same period last year[6]. - The net profit for the six months ended June 30, 2019, was RMB 30,552,000, a decrease of 47.5% compared to RMB 58,238,000 for the same period in 2018[21]. - Total comprehensive income for the period was RMB 35,220,000, down 30.5% from RMB 50,726,000 in the previous year[22]. - The group's pre-tax profit for the six months ended June 30, 2019, was RMB 30,749,000, compared to RMB 57,176,000 for the same period in 2018, reflecting a decrease of 46.2%[94]. - Other income for the six months ended June 30, 2019, totaled RMB 16,984,000, down from RMB 35,279,000 in the same period of 2018, representing a decline of 52.1%[80]. - The total tax expense for the period was RMB 21,757,000, down from RMB 32,076,000 in the same period of 2018, indicating a reduction of 32.3%[91]. Revenue Breakdown - Revenue from sales of goods for the six months ended June 30, 2019, was RMB 405,827,000, a decrease of 8.9% compared to RMB 445,716,000 for the same period in 2018[76]. - Revenue from self-operated retail points decreased by RMB 28.1 million to RMB 316.5 million, representing a decline of about 8.2% and accounting for approximately 78.0% of total revenue[180]. - Revenue from sales to third-party retailers decreased by RMB 5.9 million to RMB 62.0 million, a decline of approximately 8.7% and accounting for about 15.3% of total revenue[182]. - Online channel sales revenue decreased by RMB 5.9 million to RMB 27.3 million, a decline of approximately 17.8% and accounting for about 6.7% of total revenue[183]. - The revenue from the company's own brand decreased by RMB 0.9 million to RMB 46.9 million, with its contribution to total revenue increasing from 10.7% to 11.6%[187]. - The revenue from outlet stores decreased by RMB 3.5 million to RMB 108.1 million, a decline of approximately 3.1%[180]. - Revenue from licensed brands was RMB 358.9 million, accounting for 88.4% of total revenue, while own brand revenue was RMB 46.9 million, accounting for 11.6%[188]. Cost and Expenses - The cost of goods sold for the six months ended June 30, 2019, was RMB 94,980,000, compared to RMB 113,086,000 for the same period in 2018, showing a decrease of 16.0%[86]. - Sales cost decreased from RMB 112.6 million to RMB 87.7 million, a reduction of approximately 22.1%[189]. - Selling and distribution expenses decreased from RMB 253.6 million to RMB 237.5 million, a decline of about 6.3%[193]. - Administrative expenses increased from RMB 27.4 million to RMB 45.9 million, an increase of approximately 67.5%[197]. - Advertising and promotional expenses for the period amounted to RMB 9.9 million, down from RMB 15.7 million in the previous period[193]. - The group’s employee benefits expenses, including director remuneration, totaled RMB 76,461,000 for the six months ended June 30, 2019, compared to RMB 70,365,000 for the same period in 2018, an increase of 8.5%[86]. Assets and Liabilities - Non-current assets increased to RMB 840,539,000 as of June 30, 2019, compared to RMB 806,855,000 at the end of 2018, reflecting a growth of 4.2%[24]. - Current assets totaled RMB 1,313,808,000, slightly down from RMB 1,333,669,000 at the end of 2018, indicating a decrease of 1.5%[24]. - The total liabilities decreased to RMB 305,962,000 from RMB 343,300,000, showing a reduction of 10.8%[26]. - The equity attributable to owners of the parent company was RMB 1,820,168,000, an increase from RMB 1,778,330,000, representing a growth of 2.4%[26]. - The company's inventory stood at RMB 221,792,000, a slight increase from RMB 220,751,000, reflecting a growth of 0.5%[24]. - Trade receivables amounted to RMB 92,184,000, down from RMB 113,043,000 as of December 31, 2018, with an impairment of RMB 10,181,000[118]. - The total future minimum lease payments receivable under irrevocable operating leases as of June 30, 2019, amounted to RMB 16,328,000, compared to RMB 17,751,000 as of December 31, 2018[151]. Cash Flow and Financing - The operating cash flow for the six months ended June 30, 2019, was RMB 39,644 thousand, a decrease from RMB 76,154 thousand in the same period of 2018[39]. - The net cash flow used in operating activities for the six months ended June 30, 2019, was RMB (13,892) thousand, compared to RMB 27,743 thousand in 2018, reflecting a significant decrease[39]. - The cash flow from investing activities for the six months ended June 30, 2019, was RMB (27,283) thousand, compared to RMB (5,380) thousand in 2018, indicating a larger outflow[39]. - The net cash flow from financing activities for the six months ended June 30, 2019, was RMB (24,035) thousand, with no financing activities reported in 2018[42]. - The company's cash and cash equivalents were RMB 411,626,000, a decrease of 3.7% from RMB 427,581,000 at the end of 2018[24]. - The total cash and cash equivalents at the end of June 30, 2019, were RMB 152,126 thousand, slightly down from RMB 153,120 thousand in 2018[42]. Accounting Policies and Standards - The financial data for the reporting period is prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standards, presented in Renminbi (RMB) and rounded to the nearest thousand[2]. - The company adopted new and revised International Financial Reporting Standards effective January 1, 2019, including IFRS 16 on leases, which requires lessees to recognize all leases on the balance sheet[3]. - The impact of adopting IFRS 16 resulted in the recognition of lease liabilities at the present value of remaining lease payments as of January 1, 2019, and the corresponding right-of-use assets were measured based on the lease liabilities[4]. - The company has chosen to present right-of-use assets separately in the financial position statement, reflecting the transition impact of the new lease standard[4]. - The accounting policies adopted for the interim financial data are consistent with those applied in the annual financial statements for the year ended December 31, 2018, except for the new standards adopted[3]. - The company will not restate comparative information for 2018 but will continue to report under the previous standard for that period[4]. Market and Future Outlook - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[30]. - The GDP growth rate in China was 6.3%, the lowest in 29 years, impacting consumer retail sales growth which decreased to 8.4%[178].