格隆汇8月8日丨励时集团(01327.HK)宣布，公司将于2025年8月29日(星期五)举行董事会会议，藉以(其 中包括)考虑及(如认为合适)批准公司及其附属公司截至2025年6月30日止六个月的未经审核综合中期业 绩，以及考虑派发中期股息(如有)。 ...

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之內容概不負責， 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。 勵時集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於二零 二五年八月二十九日（星期五）舉行董事會會議，藉以（其中包括）考慮及（如認為 合適）批准本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核 綜合中期業績，以及考慮派發中期股息（如有）。 承董事會命 勵時集團有限公司 執行董事 楊淅 香港，二零二五年八月八日 於本公告日期，董事會包括兩名執行董事梁艷煌先生及楊淅先生；及三名獨立非 執行董事余俊敏先生、段白麗女士及鍾維立先生。 Luxxu Group Limited 勵時集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1327） 董事會會議通告 ...

Financial Performance - Revenue for the fiscal year ending December 31, 2024, decreased by approximately RMB 2.3 million or 7.3% to RMB 29.4 million compared to RMB 31.7 million for the previous year[19]. - Gross profit increased by approximately RMB 6.8 million or 121.4% to RMB 12.4 million for the fiscal year ending December 31, 2024, compared to RMB 5.6 million in the previous year, with a gross margin increase from approximately 17.5% to 42.4%[21]. - Loss before tax increased by approximately RMB 12.5 million to approximately RMB 52.0 million for the year ending December 31, 2024, compared to a loss of approximately RMB 39.5 million for the previous year[24]. - The group recorded a net loss of approximately RMB 52.0 million for the year ending December 31, 2024, compared to a net loss of approximately RMB 39.5 million for the year ending December 31, 2023[28]. - The company reported a net loss of RMB 51,964,000 for the year ended December 31, 2024, compared to a net loss of RMB 39,536,000 in the previous year, representing an increase in loss of approximately 31.5%[164]. - The total comprehensive income for the year was a loss of RMB 48,295,000, compared to a loss of RMB 36,184,000 in the previous year, reflecting a worsening of approximately 33.5%[162]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 73.8 million, a decrease from RMB 113.6 million in 2023[11]. - The company's total equity dropped significantly to RMB 33,896,000 from RMB 82,191,000, indicating a substantial decline in shareholder value[160]. - Current liabilities increased to RMB 10,569,000 from RMB 9,581,000, reflecting a rise in financial obligations[158]. - Total liabilities increased to RMB 39.9 million in 2024 from RMB 31.4 million in 2023[11]. - The current ratio decreased from 10.6 times as of December 31, 2023, to 5.7 times as of December 31, 2024[29]. - The capital debt ratio increased from 32.5% as of December 31, 2023, to approximately 86.2% as of December 31, 2024[29]. Cash Flow and Liquidity - Cash and bank balances totaled approximately RMB 1.0 million as of December 31, 2024, down from approximately RMB 2.0 million as of December 31, 2023[29]. - The company’s cash and cash equivalents decreased by RMB 1,030,000, down from RMB 7,763,000 in the previous year, indicating a reduction in liquidity[166]. - Operating cash flow for the year was RMB 3,186,000, a significant increase from RMB 210,000 in the previous year, indicating improved cash generation from operations[164]. Expenses - Cost of sales decreased by approximately RMB 9.2 million or 35.2% to RMB 16.9 million for the fiscal year ending December 31, 2024, from RMB 26.1 million in the previous year[20]. - Sales and distribution expenses increased by approximately RMB 1.5 million or 27.8% to approximately RMB 6.9 million for the year ending December 31, 2024, primarily due to increased marketing activities from more exhibitions held[22]. - Administrative expenses rose by approximately RMB 1.3 million or 6.5% to approximately RMB 19.9 million for the year ending December 31, 2024[23]. Market Conditions and Business Strategy - The company anticipates a challenging year in 2025 due to economic conditions in Hong Kong and China, impacting luxury watch and jewelry sales[14]. - The retail sales of jewelry, watches, and luxury gifts in Hong Kong decreased by approximately 14.5% compared to the previous year[14]. - The company aims to adapt its business and product mix to market demands, focusing on luxury watches and jewelry[14]. - The company plans to enhance its design and development capabilities by recruiting more talent and improving the design team's skills[14]. - The company will continue to seek new opportunities and remain prepared to capitalize on future market conditions[16]. Corporate Governance - The board consists of five members, including two executive directors and three independent non-executive directors, complying with the relevant listing rules[96]. - The independent non-executive directors have confirmed their independence according to the listing rules[79]. - The board is responsible for monitoring the company's financial performance and risk management strategies[103]. - The company has adopted the standard code for securities trading by directors, confirming compliance for the entire fiscal year[104]. - The board is committed to meeting at least four times a year to review financial performance and significant investments[100]. Audit and Compliance - The financial statements for the year ending December 31, 2024, were audited by a reputable accounting firm, with the term expiring at the upcoming annual general meeting[89]. - The independent auditor confirmed that the consolidated financial statements fairly present the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[135]. - The independent auditor identified key audit matters including the assessment of expected credit loss provisions for trade receivables and inventory provisions[138]. Inventory and Trade Receivables - The group reported a total trade receivables value of RMB 65,317,000 with an expected credit loss provision of RMB 51,331,000 at the end of the reporting period[140]. - The group held inventory valued at RMB 26,629,000 at the end of the reporting period, with significant judgments applied to assess the net realizable value due to long-aged inventory from recent pandemic impacts[143]. - Trade receivables also fell to RMB 13,986,000 from RMB 21,440,000, suggesting a decrease in credit sales[158]. Risk Management - The company faces various financial risks, including liquidity risk, interest rate risk, and currency risk[47]. - The company has established a Guarantee Committee to monitor and restrict guarantees to non-group companies, with no incidents reported as of the report date[117]. - The board is responsible for evaluating and maintaining effective risk management and internal control systems, which were deemed effective and adequate as of December 31, 2024[121]. Shareholder Information - The largest customer accounts for 17% of the group's revenue, while the top five customers together account for 58%[56]. - The largest supplier accounts for 19% of the group's procurement, with the top five suppliers together accounting for 59%[56]. - The company has maintained the required public float since its listing on January 30, 2015[52]. - The company has not provided any tax relief to shareholders holding its shares[54].

Corporate Governance - Luxxu Group Limited is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per the listing rules throughout the fiscal year ending December 31, 2024[2] - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[4] - The company has reviewed its corporate governance practices and is confident in its compliance with the relevant codes and guidelines[2]

Financial Performance - For the year ending December 31, 2024, the revenue was approximately RMB 294 million, a decrease of about 7.3% compared to RMB 317 million in 2023[3]. - Gross profit for the year was approximately RMB 124 million, an increase of about 124.0% from RMB 56 million in 2023[3]. - The net loss for the year was approximately RMB 520 million, compared to a net loss of RMB 395 million in 2023[3]. - The basic and diluted loss per share was RMB 9.64 for the year, compared to RMB 7.33 in 2023[4]. - The group reported a pre-tax loss of RMB 51,964,000 in 2024, compared to a pre-tax loss of RMB 39,536,000 in 2023, indicating a worsening of approximately 31%[21]. - The company reported a loss attributable to owners of the company of RMB 51,964,000 for the year ended December 31, 2024, compared to a loss of RMB 39,536,000 for the year ended December 31, 2023, indicating an increase in loss of approximately 31.5%[23]. - Loss before tax increased by approximately RMB 12.5 million, from approximately RMB 39.5 million for the year ended December 31, 2023, to approximately RMB 52.0 million for the year ended December 31, 2024[39]. Revenue and Sales - Total revenue for the group decreased to RMB 29,357,000 in 2024 from RMB 31,667,000 in 2023, a decline of about 7%[14]. - Revenue from branded watches decreased to RMB 22,149,000 in 2024 from RMB 29,317,000 in 2023, representing a decline of approximately 24%[14]. - Exhibition revenue increased significantly to RMB 7,208,000 in 2024 from RMB 2,350,000 in 2023, marking an increase of approximately 206%[14]. - Revenue decreased by approximately RMB 2.3 million or 7.3% from RMB 31.7 million for the year ended December 31, 2023, to RMB 29.4 million for the year ended December 31, 2024, primarily due to reduced demand for watches amid intense industry competition[34]. Assets and Liabilities - Total assets decreased from RMB 101,783 million in 2023 to RMB 59,874 million in 2024, reflecting a significant reduction in current assets[5]. - The company's total equity decreased from RMB 82,191 million in 2023 to RMB 33,896 million in 2024, indicating a significant decline in net worth[5]. - Trade receivables decreased from RMB 21,440 million in 2023 to RMB 13,986 million in 2024, suggesting improved collection or reduced sales[5]. - The total borrowings of the company increased to RMB 29,230,000 in 2024 from RMB 26,711,000 in 2023, while total equity decreased to RMB 33,896,000 from RMB 82,191,000, resulting in a capital debt ratio of 86% in 2024 compared to 33% in 2023[30]. - Current ratio decreased from 10.6 times as of December 31, 2023, to 5.7 times as of December 31, 2024[42]. - Capital debt ratio increased from 32.5% as of December 31, 2023, to approximately 86.2% as of December 31, 2024[42]. Expenses - Employee benefits expenses increased to RMB 5,240,000 in 2024 from RMB 4,001,000 in 2023, an increase of approximately 31%[17]. - Selling and distribution expenses rose by approximately RMB 1.5 million or about 27.8%, from approximately RMB 5.4 million for the year ended December 31, 2023, to approximately RMB 6.9 million for the year ended December 31, 2024[37]. - Administrative expenses increased by approximately RMB 1.3 million or about 7.0%, from approximately RMB 18.6 million for the year ended December 31, 2023, to approximately RMB 19.9 million for the year ended December 31, 2024[38]. - Cost of sales decreased by approximately RMB 9.2 million or 35.2% from RMB 26.1 million for the year ended December 31, 2023, to RMB 16.9 million for the year ended December 31, 2024, aligning with the decrease in revenue[35]. Business Operations - The company began providing exhibition services starting in 2023, diversifying its business operations[6]. - The company aims to adapt its business and product portfolio to market demands, focusing on the design, production, and sale of luxury high-end watches and jewelry[31]. - The company plans to enhance its design and development capabilities by recruiting more talent and improving the design team's skills to strengthen its core competitiveness in the luxury watch and jewelry market[31]. - The retail sales of jewelry, watches, and luxury gifts in Hong Kong decreased by approximately 14.5% compared to 2023, indicating a challenging market environment[31]. - The company continues to monitor market responses and is prepared to seize new opportunities despite uncertainties in the near term[32]. Shareholder Information - The board of directors did not recommend the payment of dividends for the year ending December 31, 2024[3]. - The group did not declare or propose any dividends for the year, consistent with the previous year[22]. - The company has maintained compliance with the requirement that at least 25% of its shares be held by the public, with approximately 100% of shares held by public shareholders as of December 31, 2024[26]. Accounting and Compliance - The group is currently assessing the impact of new accounting standards that will take effect in 2027, with no significant impact expected on consolidated financial statements[12]. - No significant acquisitions or disposals of subsidiaries were made during the year ended December 31, 2024[43]. - The annual performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[57]. - The board of directors includes two executive directors and three independent non-executive directors[59]. - The English version of the announcement will prevail in case of any discrepancies with the Chinese version[60].

+0-0-2-0-0-0 0-0-0-0-0-0-0-0-0-0- 中期報告 2024 & 北 Luxxu Group Limited Luxxu Group Limited 爾 時 集 團 有 限 公 司 (於関曼群島註冊成立的有限公司) (股份代號：1327) 目錄 目錄 管理層討論及分析 2 | --- | |------------------------------| | | | | | 簡明綜合損益及其他全面收益表 | | 簡明綜合財務狀況表 | | 簡明綜合權益變動表 | | 簡明綜合現金流量表 | | 簡明綜合中期財務報表附註 | 10 11 12 13 14 勵時集團有限公司 • • • 中期報告 2024 1 管理層討論及分析 管理層討論及分析 概覽 於二零二四年上半年，本集團繼續專注於業務經營，(i) 與不同行業專家合作設計及銷售豪華高端手錶及 配件，包括但不限於鑽石陀飛輪手錶及奢華珠寶手錶；(ii) 為OEM 客戶設計、生產及組裝手錶；(iii) 生產 及銷售我們自有品牌的手錶；及(iv) 協助客戶舉辦展覽。 儘管香港零售業銷售全面增長，但由於行業內競爭激烈，截至二零二四年六月三十日止 ...

Financial Performance - For the six months ended June 30, 2024, the company's revenue decreased by approximately RMB 5.2 million or 19.0% to RMB 22.1 million compared to RMB 27.3 million for the same period in 2023[6] - The company's net loss for the six months ended June 30, 2024, was approximately RMB 10.7 million, a decrease from a net loss of approximately RMB 18.1 million for the same period in 2023[15] - Gross profit increased by approximately RMB 1.6 million or 37.2% to RMB 5.9 million for the six months ended June 30, 2024, compared to RMB 4.3 million for the same period in 2023[8] - The overall gross margin improved from approximately 15.9% for the six months ended June 30, 2023, to approximately 26.9% for the same period in 2024[8] - Revenue for the six months ended June 30, 2024, was RMB 22,090,000, a decrease of 19.8% compared to RMB 27,289,000 for the same period in 2023[40] - The company reported a loss before tax of RMB 10,729,000, an improvement from a loss of RMB 18,074,000 in the same period last year, indicating a reduction of 40.5%[40] - Total comprehensive loss for the period was RMB 10,593,000, compared to RMB 17,640,000 in the prior year, reflecting a decrease of 40.0%[40] - The company reported a net loss of RMB (5,733,000) for the six months ended June 30, 2024, compared to a loss of RMB (9,789,000) in the same period last year[57] - Basic and diluted loss per share was RMB 2.0, compared to RMB 3.4 for the same period last year, showing an improvement of 41.2%[40] - The company reported a loss attributable to shareholders of RMB 10,729,000 for the six months ended June 30, 2024, compared to a loss of RMB 18,074,000 for the same period in 2023, representing a 40.5% improvement[64] Cash Flow and Assets - The company's cash and bank balances totaled approximately RMB 1.4 million as of June 30, 2024, down from approximately RMB 2.0 million as of December 31, 2023[17] - Current assets totaled RMB 85,956,000, a decrease from RMB 92,202,000 at the end of 2023, indicating a decline of 6.9%[42] - The company's net asset value decreased to RMB 71,598,000 from RMB 82,191,000, representing a decline of 12.9%[42] - Non-current assets amounted to RMB 4,834,000 for property, plant, and equipment as of June 30, 2024, down from RMB 8,704,000 as of December 31, 2023[42] - Cash and cash equivalents at the end of the period increased to RMB 1,381,000 from RMB 1,280,000 in the previous year[46] - Trade receivables, net of expected credit loss provisions, amounted to RMB 54,812,000 as of June 30, 2024, slightly down from RMB 55,775,000 as of December 31, 2023[70] - The aging analysis of trade receivables showed an increase in amounts overdue over 180 days, rising to RMB 13,648,000 from RMB 19,520,000 in the previous period[70] Operational Highlights - The total salary cost for the group for the six months ended June 30, 2024, was approximately RMB 35 million, compared to RMB 38 million for the same period in 2023[27] - Employee expenses totaled RMB 3,530,000, a decrease from RMB 3,873,000 in the previous year[63] - Cost of goods sold recognized as expenses was RMB 16,144,000, down from RMB 22,947,000 in 2023, indicating improved cost management[63] - The group maintained a diversified investment portfolio and will continue to monitor investment performance and market trends[26] - The company operates primarily in China and Hong Kong, with total external customer revenue of RMB 22,090,000, down from RMB 27,289,000 in the previous year[54] - The company continues to provide trade customers with a credit period of 0 to 180 days[70] Strategic Outlook - The company plans to enhance its design and development capabilities by recruiting more talent and improving the design team's skills[16] - The company anticipates that 2024 will be a challenging year due to the economic conditions in Hong Kong and China, but remains committed to finding new opportunities[16] Corporate Governance - The board did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[22] - The company has adopted a code of conduct for securities transactions by directors, confirming compliance as of June 30, 2024[38] - The audit committee, composed of three independent non-executive directors, reviewed the financial statements for the six months ended June 30, 2024[37] - No significant events affecting the group occurred after the reporting period[76] Debt and Liabilities - The current ratio increased from 10.6 times as of December 31, 2023, to 11.0 times as of June 30, 2024[17] - The debt-to-equity ratio increased from approximately 32.5% as of December 31, 2023, to approximately 38.8% as of June 30, 2024[17] - As of June 30, 2024, the group had no significant contingent liabilities[22] - As of June 30, 2024, the group had no pledged assets to secure any loans granted to the group[18] - As of June 30, 2024, the group had no significant capital commitments, remaining at zero RMB as of December 31, 2023[19] - The group did not enter into any hedging arrangements for foreign exchange risks, primarily related to RMB and USD, as of June 30, 2024[20] Investments - The group reported a fair value loss of RMB 2,199,000 from its significant investment in Financial News Media Group Limited, representing 2.0% of the group's total assets[25] - The group had no significant acquisitions or disposals of subsidiaries or associates during the six months ended June 30, 2024[23] - There were no stock options granted under the stock option plan during the six months ended June 30, 2024, consistent with the previous year[74] - The total number of stock options outstanding as of June 30, 2024, remained at 65,296,000[75]

Financial Performance - Revenue for the year ended December 31, 2023, decreased by approximately RMB 32.7 million or 50.8% to RMB 31.7 million compared to RMB 64.4 million for the year ended December 31, 2022[17]. - Cost of sales for the year ended December 31, 2023, decreased by approximately RMB 33.5 million or 56.2% to RMB 26.1 million compared to RMB 59.6 million for the year ended December 31, 2022[18]. - Gross profit for the year ended December 31, 2023, was RMB 5.6 million, an increase from RMB 4.8 million in the previous year[7]. - The company reported a net loss of RMB 39.5 million for the year ended December 31, 2023, compared to a net loss of RMB 48.2 million in 2022[7]. - Loss before tax decreased from approximately RMB 48.3 million for the year ended December 31, 2022, to approximately RMB 39.5 million for the year ended December 31, 2023, a reduction of about RMB 8.8 million[22]. - The company reported a loss before tax of RMB 39,536,000, an improvement from a loss of RMB 48,247,000 in 2022, representing a 17.3% reduction in losses[167]. - The total comprehensive income for the year was RMB (36,184) thousand, compared to RMB (35,999) thousand in 2022, showing a slight increase in overall losses[176]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 113.6 million, down from RMB 155.2 million in 2022[9]. - Total liabilities as of December 31, 2023, were RMB 31.4 million, a decrease from RMB 36.8 million in 2022[9]. - Current liabilities decreased significantly to RMB 9,581,000 from RMB 26,348,000, a reduction of 63.6%[170]. - The company's net asset value dropped to RMB 82,191,000 from RMB 118,375,000, a decrease of 30.5%[172]. - Cash and cash equivalents fell to RMB 1,998,000 from RMB 9,559,000, indicating a decline of 79.1%[170]. - Cash and bank balances totaled approximately RMB 2.0 million as of December 31, 2023, down from approximately RMB 9.6 million as of December 31, 2022[27]. Inventory and Receivables - The company held inventory valued at RMB 59,654,000 as of December 31, 2023, with significant judgments applied to assess the net realizable value due to long-aging inventory from recent pandemic impacts[153]. - Trade receivables decreased to RMB 21,440,000 from RMB 51,710,000, a decline of 58.6%[170]. - As of December 31, 2023, the company reported trade receivables with a total book value of RMB 55,775,000 and an expected credit loss provision of RMB 34,335,000[150]. - The credit period granted to customers ranges from 0 to 180 days, with management regularly assessing the recoverability of trade receivables based on various factors[150]. Operational and Market Conditions - The company anticipates that 2024 will be a challenging year due to economic conditions in Hong Kong and China[12]. - The retail sales of jewelry, watches, and luxury gifts in Hong Kong increased by approximately 54.9% compared to 2022[12]. - The group faces operational risks from market fluctuations, changing industry standards, competition, and evolving customer demands[48]. Governance and Compliance - The company has adopted the corporate governance code and has complied with the relevant provisions throughout the year ending December 31, 2023[100]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors, complying with the requirement that at least one must have appropriate professional qualifications or accounting expertise[101]. - The company has maintained the required public float since its listing on January 30, 2015, according to the Hong Kong Stock Exchange listing rules[53]. - The company has adopted a code of conduct for securities transactions by directors, confirming compliance from the date of listing to the report date[70]. Audit and Financial Reporting - The financial statements for the year ending December 31, 2023, were audited by Zhongji Xinshe (Hong Kong) CPA Limited[93]. - The audit committee assists the board in overseeing the financial reporting process[158]. - The independent auditor has audited the consolidated financial statements and confirmed they reflect the group's financial position accurately as of December 31, 2023[146]. - The audit identified key audit matters, including the assessment of expected credit loss provisions for trade receivables and inventory provision evaluations[149]. Employee and Remuneration - The company employed 56 staff members as of December 31, 2023, with total salary costs of approximately RMB 4.4 million for the fiscal year[33]. - The board of directors reviews employee compensation annually to ensure competitiveness in the market[90]. - The company is committed to ensuring that remuneration reflects individual performance and the complexity of roles[121]. Risk Management - Financial risks include liquidity risk, interest rate risk, and currency risk, which are critical for the group's business and financial performance[48]. - The company has established a risk management report that includes risks, issues, and recommended action plans presented to the board for review[128]. - The internal audit team regularly monitors and reports on concerns to ensure appropriate remedial measures are implemented[124]. Sustainability and Development - The company is committed to sustainable development and has implemented effective measures to achieve resource efficiency and energy conservation[85]. - The company has not encountered any significant disputes with business partners during the year[92].

Financial Performance - For the year ended December 31, 2023, the revenue was approximately RMB 31.7 million, a decrease of about 50.8% compared to RMB 64.4 million in 2022[3] - The gross profit for the same period was approximately RMB 5.6 million, an increase of about 16.7% from RMB 4.8 million in 2022[3] - The net loss for the year was approximately RMB 39.5 million, compared to a net loss of RMB 48.2 million in 2022[3] - The basic and diluted loss per share was RMB 7.33 for 2023, compared to RMB 8.95 for 2022[4] - The company reported a net loss attributable to owners of RMB 39,536,000 in 2023, compared to a loss of RMB 48,247,000 in 2022, indicating an improvement of 18.1%[25] - The company recorded a loss before tax of approximately RMB 395 million for the year ended December 31, 2023, compared to a loss of approximately RMB 483 million for the year ended December 31, 2022[39] Dividends and Shareholder Returns - The company did not recommend the payment of dividends for the year ended December 31, 2023[3] - The company did not declare any dividends for the year, consistent with 2022[23] - The board does not recommend any final dividend for the year ending December 31, 2023, consistent with the previous year[51] Assets and Liabilities - Total assets decreased to RMB 101.8 million in 2023 from RMB 132.6 million in 2022[6] - Current liabilities decreased to RMB 9.6 million in 2023 from RMB 26.3 million in 2022[6] - The company's cash and cash equivalents decreased to RMB 2.0 million in 2023 from RMB 9.6 million in 2022[6] - The total equity decreased to RMB 82.2 million in 2023 from RMB 118.4 million in 2022[6] - Trade receivables decreased to RMB 55,775,000 in 2023 from RMB 87,941,000 in 2022, reflecting a reduction of 36.6%[27] - Cash and bank balances totaled approximately RMB 20 million as of December 31, 2023, down from approximately RMB 96 million as of December 31, 2022[42] Revenue and Sales - Brand watch sales contributed RMB 29,317,000 in 2023, down 52.8% from RMB 62,210,000 in 2022[18] - Revenue decreased from approximately RMB 644 million for the year ended December 31, 2022, to approximately RMB 317 million for the year ended December 31, 2023, a decline of about 50.8%[34] - Sales cost decreased from approximately RMB 596 million for the year ended December 31, 2022, to approximately RMB 261 million for the year ended December 31, 2023, a reduction of about 56.2%[35] - The total cost of goods sold was RMB 26,114,000 in 2023, down from RMB 59,604,000 in 2022, a decrease of 56.1%[22] Expenses - Administrative expenses increased from approximately RMB 164 million for the year ended December 31, 2022, to approximately RMB 186 million for the year ended December 31, 2023, an increase of about 13.4%[38] - The financing costs for bonds increased to RMB 2,221,000 in 2023 from RMB 1,682,000 in 2022, representing a rise of 32.0%[20] Foreign Exchange and Other Financial Matters - The company reported a foreign exchange loss of RMB 3.2 million for the year, down from a gain of RMB 12.2 million in 2022[4] - The group has not established any hedging arrangements for foreign currency risks related to RMB and USD as of December 31, 2023[48] Staffing and Operations - The company employed 56 staff members as of December 31, 2023, with total salary costs of approximately RMB 44 million for the fiscal year[46] - The company has no significant acquisitions or disposals of subsidiaries during the year ended December 31, 2023[43] Audit and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the annual performance for the year ending December 31, 2023[52] - The external auditor confirmed that the financial figures in the preliminary announcement are consistent with the latest draft of the consolidated financial statements[54] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the year ending December 31, 2023[55] Other Information - The company received government subsidies of RMB 21,000 in 2022 related to Covid-19, which were not repeated in 2023[19] - There are no capital commitments reported for the years ending December 31, 2023, and December 31, 2022[49] - The group has no significant contingent liabilities as of December 31, 2023, and December 31, 2022[50] - There are no post-reporting date events reported by the group[53] - There were no purchases, redemptions, or sales of the company's listed securities by the company or its subsidiaries for the year ending December 31, 2023[57] - The annual performance announcement and report will be published on the company's and the stock exchange's websites[58]

Financial Performance - For the six months ended June 30, 2023, the company's revenue decreased by approximately RMB 26.1 million or 48.9% to RMB 27.3 million compared to RMB 53.4 million for the same period in 2022[6]. - The company's gross profit decreased by approximately RMB 1.2 million or 21.8% to RMB 4.3 million, with a gross margin increase from approximately 10.2% to 15.9%[9]. - The net loss for the six months ended June 30, 2023, was approximately RMB 18.1 million, an increase from a net loss of approximately RMB 16.7 million for the same period in 2022[17]. - Other income and losses recorded a loss of approximately RMB 9.8 million, compared to a loss of approximately RMB 7.3 million for the same period in 2022[10]. - Revenue for the six months ended June 30, 2023, was RMB 27,289,000, a decrease of 48.9% compared to RMB 53,413,000 for the same period in 2022[49]. - Gross profit for the same period was RMB 4,342,000, down 20.5% from RMB 5,468,000 in 2022[49]. - The company reported a loss before tax of RMB 18,074,000, compared to a loss of RMB 16,729,000 in the previous year, indicating a 8.1% increase in losses[49]. - Total comprehensive loss for the period was RMB 17,640,000, compared to RMB 13,385,000 in 2022, reflecting a 31.6% increase in total losses[49]. Cash and Assets - The company's cash and bank balances as of June 30, 2023, totaled approximately RMB 1.3 million, down from approximately RMB 9.6 million as of December 31, 2022[20]. - Cash and cash equivalents decreased to RMB 1,280,000 from RMB 9,559,000 at the end of 2022, representing an 86.6% decline[51]. - The company's net assets decreased to RMB 100,735,000 from RMB 118,375,000, a decline of 15.0%[51]. - Trade receivables increased to RMB 62,803,000 from RMB 51,710,000, marking a 21.5% increase[51]. - Inventory decreased significantly to RMB 25,148,000 from RMB 37,960,000, a reduction of 33.8%[51]. - Trade receivables increased to RMB 101,819,000 as of June 30, 2023, compared to RMB 87,941,000 as of December 31, 2022[80]. - As of June 30, 2023, the deposits and prepayments amounted to RMB 13,985,000, a decrease of 23.5% from RMB 18,186,000 as of December 31, 2022[82]. - The total amount of deposits and prepayments, after deducting non-current assets, was RMB 12,313,000, down 25.7% from RMB 16,520,000[82]. Employee and Operational Costs - The total compensation cost for employees for the six months ended June 30, 2023, was approximately RMB 3.8 million, a decrease from RMB 5.7 million for the same period in 2022[33]. - The total employee expenses, including directors' remuneration, amounted to RMB 3,873,000, down 31.6% from RMB 5,672,000 in the previous year[74]. - The cost of inventories recognized as an expense was RMB 22,947,000, a decrease of 52.0% from RMB 47,945,000 in the same period of 2022[74]. - Operating cash outflow for the period was RMB 8,325,000, compared to RMB 201,000 in the previous year, indicating a significant increase in cash used[55]. - The company did not report any cash inflow from financing activities during the period[55]. Corporate Governance and Compliance - The group has adopted and complied with the corporate governance code as per the listing rules for the six months ended June 30, 2023[43]. - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and financial reporting matters for the six months ended June 30, 2023[46]. - The group did not engage in any purchases, redemptions, or sales of its listed securities during the six months ended June 30, 2023[35]. - There were no rights granted to directors or their associates to benefit from acquiring shares or debt securities of the company during the reporting period[37]. - The company has no stock options granted under the stock option plan during the six months ended June 30, 2023, compared to none in the previous year[85]. - The total number of unexercised stock options as of June 30, 2023, was 65,296,000, after accounting for 27,648,000 options that were forfeited[86]. - The issued and fully paid ordinary shares remained at 539,136,000 shares with a par value of HKD 0.10 per share as of June 30, 2023[83]. - The company reported no significant events affecting the group since the end of the reporting period[87]. Investment and Fair Value - As of June 30, 2023, the total fair value loss for significant investments amounted to RMB 7,004,000, representing 9.1% of the group's total assets[31]. - The group holds a 1.58% stake in Financial Media Group Limited, with a fair value loss of RMB 2,703,000 as of June 30, 2023[31]. - The group recognized an unrealized fair value loss on financial assets of RMB 7,004,000 for the six months ended June 30, 2023, compared to a loss of RMB 5,343,000 in the previous year[68]. - The group has not held any investments exceeding 1% of its total asset value as of June 30, 2023[32]. - No investments contributed to more than 10% of the group's realized or unrealized losses for the six months ended June 30, 2023[32]. Revenue Breakdown - For the six months ended June 30, 2023, the revenue from branded watches was RMB 27,289,000, a decrease of 46.8% compared to RMB 51,290,000 in the same period of 2022[64]. - Revenue from customers in China was RMB 18,823,000, a decline of 27.7% from RMB 26,041,000 in the same period of 2022[65]. - Revenue from customers in Asia (excluding China) was RMB 8,466,000, a decrease of 69.0% compared to RMB 27,372,000 in the previous year[65].