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].

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，概不會就本公告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 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） 截至二零二三年六月三十日止六個月中期業績公告 勵時集團有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬 公司（統稱「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中期 業績連同比較數據。本公告載有本公司二零二三年中期報告全文，符合香港聯合交 易所有限公司（「聯交所」）證券上市規則有關隨附中期業績初步公告資料的相關 規定。本公告刊載於聯交所網站(www.hkexnews.hk)及本公司網站(www.luxxu.hk)。 本公司中期報告的印刷版將適時寄發予本公司股東及可於上述網站查閱。 承董事會命 勵時集團有限公司 ...

Financial Performance - Revenue for the year ended December 31, 2022, was approximately RMB 64.4 million, a decrease of about RMB 6.2 million or 8.8% compared to RMB 70.7 million for the year ended December 31, 2021[21]. - Gross profit for the year was RMB 4.8 million, down from RMB 8.4 million in the previous year, reflecting a decline in sales and increased costs[8]. - The company reported a loss from continuing operations of RMB 48.2 million for the year, compared to a loss of RMB 43.9 million in 2021[8]. - The group's net loss for the year ended December 31, 2022, was approximately RMB 48.2 million, compared to a net loss of RMB 43.9 million for the previous year[51]. - The company reported a net loss of RMB 48,247,000 for 2022, compared to a net loss of RMB 43,859,000 in 2021, indicating a worsening financial performance[171]. - Loss before tax increased from approximately RMB 43.9 million for the year ended December 31, 2021, to approximately RMB 48.3 million for the year ended December 31, 2022, an increase of about RMB 4.4 million[27]. - Total equity decreased from RMB 154,374,000 in 2021 to RMB 118,375,000 in 2022, representing a decline of approximately 23.3%[174]. - The company’s basic and diluted loss per share improved slightly from RMB 9.33 in 2021 to RMB 8.95 in 2022[171]. Assets and Liabilities - Total assets as of December 31, 2022, were RMB 155.2 million, a decrease from RMB 191.3 million in 2021[10]. - Total liabilities were RMB 36.8 million, slightly down from RMB 37.0 million in the previous year[10]. - Current liabilities increased significantly from RMB 13,618,000 in 2021 to RMB 26,348,000 in 2022, representing a rise of 93.0%[173]. - Cash and bank balances totaled approximately RMB 9.6 million as of December 31, 2022, down from approximately RMB 10.1 million as of December 31, 2021[31]. - The company's cash and cash equivalents decreased slightly from RMB 10,134,000 in 2021 to RMB 9,559,000 in 2022, a decline of 5.7%[173]. Operational Performance - The average selling price of watches decreased during the year, impacting overall revenue[21]. - Sales cost decreased from approximately RMB 62.3 million for the year ended December 31, 2021, to approximately RMB 59.6 million for the year ended December 31, 2022, a reduction of about RMB 2.7 million or approximately 4.3%[23]. - Gross profit decreased from approximately RMB 8.4 million for the year ended December 31, 2021, to approximately RMB 4.8 million for the year ended December 31, 2022, a decline of about RMB 3.6 million or approximately 42.9%, with the overall gross margin dropping from approximately 11.8% to approximately 7.5%[24]. - Selling and distribution expenses decreased from approximately RMB 14.7 million for the year ended December 31, 2021, to approximately RMB 9.0 million for the year ended December 31, 2022, a reduction of about RMB 5.7 million or approximately 38.9%[25]. - Administrative expenses increased from approximately RMB 13.9 million for the year ended December 31, 2021, to approximately RMB 16.4 million for the year ended December 31, 2022, an increase of about RMB 2.5 million or approximately 18.0%[26]. Market Outlook - The luxury watch and jewelry market is expected to remain strong in the long term due to rising disposable income and increased participation of women in the workforce[14]. - The company aims to adapt its business and product mix to meet market demands, focusing on luxury watches and jewelry[13]. - The company is committed to exploring new opportunities and preparing to stand out in the future despite current uncertainties[15]. Corporate Governance - The board of directors has reviewed and confirmed compliance with the corporate governance code during the year ended December 31, 2022[105]. - The board is responsible for determining overall strategy, monitoring operational and financial performance, and managing risks related to achieving the company's objectives[108]. - The company has adopted a remuneration policy that ensures no director can determine their own remuneration[123]. - The company emphasizes the importance of independent non-executive directors in decision-making processes[111]. - The company confirmed that all directors complied with the standards set out in the code for securities transactions from the listing date to the report date[73]. Risk Management - The group faces operational risks from market fluctuations, changing industry standards, competition, and evolving customer demands[52]. - The group’s financial risk management includes liquidity risk, interest rate risk, and currency risk[52]. - 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[133]. Employee and Talent Management - The company plans to enhance its design and development capabilities by recruiting more talent and improving the design team's skills[13]. - The total number of employees decreased from 108 as of December 31, 2021, to 56 as of December 31, 2022, with total salary costs for the fiscal year approximately RMB 3.9 million, down from approximately RMB 12.2 million[37]. - The company has adopted a share option scheme to reward employees for their contributions[95]. Environmental and Social Responsibility - The company is committed to long-term sustainable development and aims to achieve efficient resource utilization and energy conservation[89]. - The company will publish its Environmental, Social, and Governance (ESG) report within three months after the end of each financial year[91].

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，並明確表示概不會就本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 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） 截至二零二二年十二月三十一日止年度的 年度業績公告 財務摘要 • 截至二零二二年十二月三十一日止年度的收益約為人民幣64.4百萬元（二 零二一年：約人民幣70.7百萬元），較去年減少約8.9%。 • 截至二零二二年十二月三十一日止年度的毛利約為人民幣4.8百萬元（二零 二一年：約人民幣8.4百萬元），較去年減少約42.9%。 • 截至二零二二年十二月三十一日止年度的淨虧損約為人民幣48.2百萬元（二 ...

Financial Performance - The company's revenue increased by approximately RMB 4.4 million or 9.0% to RMB 53.4 million for the six months ended June 30, 2022, compared to RMB 49.0 million for the same period in 2021[6] - The cost of sales rose by approximately RMB 2.7 million or 6.0% to RMB 47.9 million for the six months ended June 30, 2022, from RMB 45.2 million in the prior year[7] - Gross profit increased by approximately RMB 1.8 million or 48.6% to RMB 5.5 million for the six months ended June 30, 2022, with a gross margin of 10.2% compared to 7.6% in the previous year[9] - The company's net loss for the six months ended June 30, 2022, was approximately RMB 16.7 million, an increase from a net loss of RMB 8.6 million for the same period in 2021[17] - The company reported a loss before tax of RMB 16,729,000, compared to a loss of RMB 8,632,000 in the previous year, indicating a deterioration in performance[49] - Total comprehensive loss for the period was RMB 13,385,000, compared to RMB 11,249,000 in the same period last year[49] Cash and Assets - The cash and bank balances totaled approximately RMB 5.2 million as of June 30, 2022, down from RMB 10.1 million as of December 31, 2021[20] - Cash and cash equivalents decreased to RMB 5,228,000 from RMB 10,134,000 at the end of the previous period, reflecting a cash outflow of RMB 5,101,000[54] - The company's total assets decreased to RMB 144,807,000 from RMB 161,097,000, a decline of approximately 10%[51] - Non-current assets decreased to RMB 27,338,000 from RMB 30,252,000, reflecting a reduction of about 10%[51] Investments and Losses - Other losses amounted to approximately RMB 7.3 million for the six months ended June 30, 2022, compared to a profit of RMB 4.6 million in the same period of 2021, primarily due to unrealized fair value losses on financial assets[10] - As of June 30, 2022, the group reported a total loss of RMB 5,343,000 from significant investments, with a total value of RMB 10,232,000, representing 5.9% of the group's total assets[31] - The group holds a 1.96% stake in China Automotive Interior Group Limited, with a fair value loss of RMB 908,000 and a total value of RMB 1,416,000 as of June 30, 2022[31] - The group incurred a loss of RMB 7,339,000 from other income and losses for the six months ended June 30, 2022, compared to a gain of RMB 4,627,000 in the same period of 2021[67] Employee and Salary Information - The total employee count decreased to 88 as of June 30, 2022, down from 108 as of December 31, 2021, with total salary costs amounting to approximately RMB 5.7 million for the six months ended June 30, 2022[33] - The total employee expenses, including directors' remuneration, amounted to RMB 5,672,000 for the six months ended June 30, 2022, down 16.2% from RMB 6,773,000 in the same period of 2021[74] Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and discussed audit, internal control, and financial reporting matters for the six months ended June 30, 2022[46] - The group has adopted and complied with the corporate governance code as per the listing rules for the six months ended June 30, 2022[43] - The group confirmed that all directors complied with the standards set out in the code of conduct for securities transactions during the six months ended June 30, 2022[44] Dividends and Share Information - The board did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[27] - The company reported a total of 539,136,000 shares issued and fully paid as of June 30, 2022, unchanged from January 1, 2022[83] - No stock options were granted under the share option scheme during the six months ended June 30, 2022, compared to 34,560,000 options granted in the same period of 2021[85] - The total number of unexercised stock options as of June 30, 2022, was 100,890,000, after accounting for 7,946,000 options that lapsed or were forfeited[86] Revenue Breakdown - Revenue for the six months ended June 30, 2022, was RMB 53,413,000, an increase of 9% compared to RMB 48,954,000 for the same period in 2021[49] - Revenue from branded watches for the six months ended June 30, 2022, was RMB 51,290,000, an increase of 11.0% compared to RMB 45,871,000 in the same period of 2021[63] - Revenue from customers in China for the six months ended June 30, 2022, was RMB 26,041,000, representing a 12.0% increase from RMB 23,218,000 in the same period of 2021[64] Trade Receivables and Inventory - Trade receivables increased to RMB 47,655,000 from RMB 45,445,000, showing a growth of about 5%[51] - Trade receivables as of June 30, 2022, amounted to RMB 78,851,000, an increase from RMB 74,645,000 as of December 31, 2021, representing a growth of 2.9%[80] - The expected credit loss provision for trade receivables was RMB 31,196,000 as of June 30, 2022, compared to RMB 29,200,000 as of December 31, 2021, indicating an increase of 6.8%[80] - The aging analysis of trade receivables shows that amounts overdue for 0 to 30 days increased to RMB 5,229,000 from RMB 3,233,000, a rise of 62.0%[80] - Inventory decreased to RMB 32,552,000 from RMB 37,895,000, indicating a reduction of approximately 14%[51] Future Plans and Strategy - The company plans to enhance its design and development capabilities by recruiting more talent and collaborating with renowned designers to offer fashionable and reasonably priced products[18] - The group will continue to maintain a diversified investment portfolio and closely monitor investment performance and market trends to adjust its investment strategy[31] Other Information - No purchases, redemptions, or sales of the company's listed securities were made by the company or its subsidiaries during the six months ended June 30, 2022[35] - The group did not hold any investments exceeding 1% of total assets or any investments contributing over 10% of realized or unrealized losses for the six months ended June 30, 2022[32] - There were no significant events affecting the group since the end of the reporting period[87] - The group is currently assessing the impact of newly revised Hong Kong Financial Reporting Standards, which are not expected to have a significant effect on the group's financial performance and position[60]

Financial Performance - Revenue for the year ended December 31, 2021, increased by approximately RMB 7.8 million or 12.4% to RMB 70.7 million compared to RMB 62.9 million for the year ended December 31, 2020[18]. - Gross profit for the year ended December 31, 2021, was RMB 8.35 million, a significant increase from RMB 2.15 million in 2020[7]. - The company reported a loss from continuing operations of RMB 43.86 million for the year ended December 31, 2021, compared to a loss of RMB 146.24 million in 2020[7]. - The group's net loss for the year ended December 31, 2021, was approximately RMB 439 million, a significant improvement from a net loss of RMB 1,462 million for the year ended December 31, 2020[50]. - Loss before tax decreased by approximately RMB 102.3 million to approximately RMB 43.9 million for the year ended December 31, 2021, compared to a loss of approximately RMB 146.2 million for the previous year[26]. - The company reported a net loss of RMB 43,859,000 for 2021, a reduction of 70% from a net loss of RMB 146,242,000 in 2020[168]. Assets and Liabilities - Total assets as of December 31, 2021, were RMB 191.35 million, down from RMB 206.44 million in 2020[8]. - The total liabilities increased to RMB 36.98 million in 2021 from RMB 17.23 million in 2020[8]. - The total equity as of December 31, 2021, was RMB 154.37 million, a decrease from RMB 189.21 million in 2020[8]. - The company’s total equity decreased to RMB 154,374,000 in 2021 from RMB 189,211,000 in 2020, indicating a decline in shareholder value[172]. - Total assets decreased to RMB 161,097,000 in 2021 from RMB 181,607,000 in 2020, reflecting a contraction in the asset base[170]. Cash Flow and Liquidity - Cash and bank balances totaled approximately RMB 10.1 million as of December 31, 2021, up from approximately RMB 5.3 million a year earlier, with a current ratio decreasing from 99.1 times to 11.8 times[29]. - Cash and cash equivalents increased to RMB 10,134,000 in 2021 from RMB 5,339,000 in 2020, showing improved liquidity[170]. - The net increase in cash and cash equivalents for the year 2021 was RMB 5,026,000, compared to RMB 3,689,000 in 2020, representing a year-over-year increase of approximately 36.3%[177]. - Operating cash flow for 2021 was a net outflow of RMB 2,295,000, an improvement from a net outflow of RMB 17,314,000 in 2020[175]. Inventory Management - Inventory provision decreased to RMB 31,150,000 in 2021 from RMB 36,301,000 in 2020, indicating better inventory management[168]. - The group reported inventory of approximately RMB 37,895,000 as of December 31, 2021, with significant judgment applied in estimating the net realizable value due to long-aging inventory caused by recent pandemic impacts[156]. Revenue Sources and Market Conditions - The group's major revenue sources include watch and jewelry manufacturing, trading, and retail, with detailed revenue analysis provided in the management discussion and analysis section of the annual report[48]. - The retail sales of jewelry, watches, and luxury gifts in Hong Kong increased by approximately 27.3% compared to 2020, indicating a recovery in the market[11]. - The company anticipates that 2022 will be a challenging year due to ongoing trade disputes and economic conditions in China[11]. Corporate Governance - The board of directors consists of five members, including two executive directors and three independent non-executive directors, complying with listing rules requiring at least three independent non-executive directors[108]. - The audit committee reviewed the annual performance for the year ended December 31, 2021, ensuring the integrity of the financial statements[42]. - The independent non-executive directors confirmed their independence according to the listing rules, ensuring compliance with governance standards[88]. - The board is responsible for overseeing the company's financial performance, major investments, and risk management strategies[115]. Risk Management - The group faces various financial risks, including liquidity risk, interest rate risk, and currency risk, which are crucial for its operational stability[51]. - The company has established a risk management and internal control system, which was reviewed and deemed effective and adequate by the board as of December 31, 2021[133]. Employee Compensation and Stock Options - The total employee compensation cost for the fiscal year was approximately RMB 12.2 million, compared to approximately RMB 11.5 million in the previous year[35]. - The company has granted a total of 79,460,000 stock options under its stock option plan as of December 31, 2021, compared to 34,560,000 options granted in 2020[68]. Compliance and Reporting - The financial statements for the year ended December 31, 2021, were audited by a new auditor appointed on January 13, 2021[101]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2021[149]. - The financial reporting is based on historical cost, with certain financial instruments measured at fair value, ensuring transparency in asset valuation[181]. Environmental and Social Responsibility - The company has committed to sustainable development and effective resource utilization to minimize environmental impact[91]. - The company plans to publish its environmental, social, and governance report within five months after the end of each financial year[94].

Financial Performance - For the six months ended June 30, 2021, the group's revenue increased by approximately RMB 7.7 million or 18.5% to approximately RMB 49.0 million compared to the same period in 2020[6]. - The group's net loss for the six months ended June 30, 2021, was approximately RMB 8.6 million, a decrease from a net loss of approximately RMB 16.3 million for the same period in 2020[17]. - Gross profit increased by approximately RMB 0.5 million or 15.7% to approximately RMB 3.7 million for the six months ended June 30, 2021, with a stable gross profit margin of approximately 7.6%[9]. - The company reported a loss before tax of RMB 8,632,000, which is an improvement from a loss of RMB 16,259,000 in the prior year, indicating a 46.8% reduction in losses[51]. - Total comprehensive loss for the period was RMB 11,249,000, compared to RMB 12,824,000 in the previous year, reflecting a 12.3% improvement[51]. - The company reported a loss attributable to owners of RMB 8,632,000 for the six months ended June 30, 2021, compared to a loss of RMB 16,259,000 for the same period in 2020, representing a 47% improvement year-over-year[78]. Revenue Breakdown - The group's revenue for branded watches reached RMB 45,871,000 for the six months ended June 30, 2021, compared to RMB 34,082,000 in the same period of 2020, representing a growth of approximately 34.5%[68]. - Total revenue for the group was RMB 48,954,000 for the six months ended June 30, 2021, an increase of 18.5% from RMB 41,300,000 in the same period of 2020[68]. - Revenue from the Chinese market was RMB 23,218,000, up from RMB 17,446,000 in the previous year, indicating a growth of approximately 33.5%[69]. - Revenue from the Asian market (excluding China) was RMB 25,736,000, compared to RMB 23,854,000 in the same period of 2020, reflecting an increase of about 7.8%[69]. Expenses and Costs - Selling and distribution expenses decreased by approximately RMB 0.5 million to approximately RMB 5.0 million for the six months ended June 30, 2021, primarily due to reduced advertising expenses[11]. - The total employee compensation cost for the six months ended June 30, 2021, was approximately RMB 6.8 million, an increase from RMB 6.5 million for the same period in 2020[34]. - The total employee expenses, including directors' remuneration, increased to RMB 6,773,000 in 2021 from RMB 6,490,000 in 2020, reflecting a 4.4% increase[77]. - Advertising expenses decreased to RMB 2,137,000 in 2021 from RMB 2,721,000 in 2020, showing a reduction of 21.5%[77]. - The cost of inventory recognized as an expense rose to RMB 45,222,000 in 2021, up from RMB 38,077,000 in 2020, indicating an increase of 18.5%[77]. Assets and Liabilities - The group's cash and bank balances totaled approximately RMB 4.8 million as of June 30, 2021, down from approximately RMB 5.3 million as of December 31, 2020[20]. - The current ratio decreased from 99.1 times as of December 31, 2020, to 34.8 times as of June 30, 2021[20]. - Inventory increased to RMB 59,547,000 from RMB 52,228,000, indicating a 14.2% rise in stock levels[53]. - Trade receivables decreased to RMB 39,747,000 from RMB 46,324,000, a decline of 14.3%[53]. - Trade receivables decreased to RMB 99,330,000 as of June 30, 2021, from RMB 102,900,000 as of December 31, 2020, a decline of 3.5%[83]. - The expected credit loss provision for trade receivables increased to RMB 59,583,000 in 2021 from RMB 56,576,000 in 2020, reflecting a rise of 5.3%[83]. Investments and Acquisitions - As of June 30, 2021, the total value of significant investments was RMB 6,797,000, with a return of RMB 359,000 for the period[32]. - The major investment in China Automotive Interior Group Limited reported a loss of RMB 3,890,000 for the year ended December 31, 2020, with revenue of approximately RMB 141,626,000[32]. - The company acquired property, plant, and equipment amounting to RMB 1,680,000 during the six months ended June 30, 2021, compared to no acquisitions in the same period of 2020[82]. - There were no significant acquisitions or disposals of subsidiaries or associates during the six months ended June 30, 2021[29]. - No significant investments exceeding 1% of the group's total assets were held as of June 30, 2021[33]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the listing rules, with two independent non-executive directors absent from the annual general meeting[44]. - All directors confirmed compliance with the standards set out in the code for securities transactions during the six months ended June 30, 2021[45]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring governance and oversight[50]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors as of June 30, 2021[48]. Future Plans and Market Adaptation - The group plans to enhance its design and development capabilities by recruiting more talent and improving the design team's artistic skills[18]. - The group remains committed to seeking new opportunities and adapting its business and product mix to meet market demands[19]. - The impact of COVID-19 has significantly affected the company's revenue, with ongoing monitoring and response strategies in place[49]. - The group anticipates that the adoption of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on its financial performance and position[65]. Stock Options and Shareholder Matters - The company has a stock option plan that has granted 34,560,000 options as of June 30, 2021, unchanged from the previous year[89]. - The company granted a total of 65,664 thousand stock options, with 34,560 thousand options exercised during the period[90]. - The exercise price for the stock options granted in 2020 was HKD 0.41, with a closing price of HKD 0.104 prior to the grant date[90]. - Following the reporting period, the company entered into a placement agreement to place up to 89,856,000 shares at a price of HKD 0.1 per share, completed on August 18, 2021[91]. - No interim dividend was recommended for the six months ended June 30, 2021, consistent with the previous year[28].