Financial Performance - For the six months ended June 30, 2022, the company's revenue was approximately HKD 476.4 million, an increase of about 31.8% compared to the same period last year[5]. - The sales volume of sleepwear and loungewear products reached approximately 13.3 million units, representing a year-on-year increase of approximately 29.1%[4]. - The average selling price of sleepwear and loungewear products increased by approximately 4.0% compared to the previous year due to changes in the product mix[5]. - The gross profit for the first half of 2022 was approximately HKD 122.1 million, with an average gross profit margin of approximately 25.6%, up from 24.1% in the same period last year[7]. - The company's net profit attributable to owners increased by approximately 8.0% to approximately HKD 34.2 million for the six months ended June 30, 2022[14]. - The profit before tax increased to HKD 46,954,000, up from HKD 40,540,000 year-on-year, reflecting a growth of approximately 10.5%[67]. - The net profit for the period was HKD 33,262,000, compared to HKD 30,889,000 in the previous year, marking an increase of about 7.7%[67]. - Basic and diluted earnings per share rose to HKD 2.74, up from HKD 2.53 in the prior year, representing an increase of 8.3%[69]. - The company reported a total of HKD 291,698,000 in cost of goods sold for the six months ended June 30, 2022, compared to HKD 239,795,000 in the same period of 2021, an increase of 21.6%[106]. Assets and Liabilities - As of June 30, 2022, the group's current assets were approximately HKD 701.3 million, an increase of 18.3% from HKD 593.1 million on December 31, 2021[20]. - Total assets as of June 30, 2022, were HKD 701,258,000, compared to HKD 593,109,000 at the end of 2021, showing a growth of approximately 18.3%[71]. - Current liabilities increased to HKD 389,441,000 from HKD 238,278,000, indicating a rise of about 63.5%[71]. - The company's equity attributable to owners decreased to HKD 479,576,000 from HKD 524,681,000, reflecting a decline of approximately 8.6%[73]. - Trade receivables, net, decreased to HKD 34,215,000 as of June 30, 2022, from HKD 37,562,000 as of December 31, 2021, a decline of 6.2%[112]. - Trade payables increased significantly to HKD 151,235,000 as of June 30, 2022, from HKD 93,174,000 as of December 31, 2021, representing a rise of 62.2%[115]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was HKD 116,703,000, compared to a cash outflow of HKD 3,672,000 in the same period of 2021[83]. - The company reported a net cash outflow from investing activities of HKD 34,470,000, an improvement from HKD 44,943,000 in the previous year[83]. - Cash and cash equivalents increased by HKD 51,674,000 during the period, compared to a decrease of HKD 12,075,000 in the previous year[83]. - The group invested in 16 marketable bond instruments with a total principal of approximately USD 9 million, resulting in an unrealized loss of approximately HKD 7 million[24]. - The group also invested in 12 funds with a total principal of approximately HKD 88.1 million, incurring an unrealized loss of approximately HKD 4 million[26]. Strategic Developments - The company plans to establish a production facility in Honduras, expected to start production in the second half of 2022, to shorten delivery times to customers in the Americas[17]. - The investment plan for a production facility in Thua Thien-Hue Province, Vietnam, has been approved, which will double the company's production capacity upon completion[17]. - The group plans to expand its product offerings by adding children's clothing, which is expected to become a significant growth driver[19]. - The company plans to continue focusing on expanding its product offerings and market presence in the coming periods[90]. Shareholder Information - As of June 30, 2022, Mr. Tan and Mrs. Tan collectively hold 838,076,505 shares, representing 67.1% of the company's issued share capital[36]. - Strategic King Holdings Limited, controlled by Mr. Tan (90% ownership) and Mrs. Tan (10% ownership), holds the same number of shares, indicating significant control over voting rights[37]. - The company has not issued or agreed to issue any share options under the share option scheme, which allows for the issuance of up to 125,000,000 shares, equivalent to 10% of the company's issued share capital[46]. - The company did not recommend any interim dividend for the six months ending June 30, 2022, consistent with the previous year[55]. - The company declared a dividend of HKD 0.059 per share for the six months ended June 30, 2022, totaling approximately HKD 73,800,000, compared to HKD 0.036 per share or HKD 45,000,000 in the same period of 2021, representing a 64.4% increase in total dividends[107]. Compliance and Governance - The board of directors has confirmed compliance with the corporate governance code, except for the combined roles of Chairman and CEO held by Mr. Tan[53]. - There are no reported interests or stakes held by directors or major shareholders in competing businesses[49]. - The company has not entered into any significant contracts with directors that would create a direct or indirect interest during the reporting period[50]. - The company has adhered to the securities trading code for directors throughout the reporting period[51]. - The company has maintained sufficient public float as required by the listing rules during the reporting period[54]. Foreign Exchange and Risks - The group experienced a foreign exchange loss of HKD 6,805,000 due to currency fluctuations, compared to a gain of HKD 5,857,000 in the previous year[67]. - The group has established foreign exchange options to hedge against currency risks between RMB and USD as of June 30, 2022[23].

年 報 2 0 2 1 Varn to Fiber to JUSTIN ALLEN HOLDINGS LIMITED 捷 隆 控 股 有 限 公司 D 於開曼群島註冊成立的有限公司 股份代號： 1425 to Fashion 目 錄 | --- | --- | |---------------------------|-------| | | 頁次 | | 公司 資料 | 2 | | 管理層 討論及分析 | 3 | | 董事會 報告 | 9 | | 董事 及高級管理人員履歷 | 19 | | 企業 管治報告 | 21 | | 環境 、社會及管治報告 | 28 | | 獨立 核數師報告 | 36 | | 綜合 損益及其他全面收益表 | 41 | | 綜合 財務狀況表 | 42 | | 綜合 權益變動表 | 44 | | 綜合 現金流量表 | 46 | | 綜合 財務報表附註 | 48 | | 五年 財務摘要 | 110 | 公司資 料 | --- | --- | |------------------------------------------|------------------------------- ...

中期 報告 2 0 2 1 Warn to Fiber to JUSTIN ALLEN HOLDINGS LIMITED 捷 隆 控 股 有 限 公司 0 C 於開曼群島註冊成立的有限公司 股份代號：1425to Fashion 目 錄 | --- | --- | |------------------|-------| | | | | 管理層討論及分析 | 2 | | | | | 其他資料 | 9 | | 財務資料目錄 | 15 | | 公司資料 | 32 | 1 捷隆控股有限公 司 管理層討論及分析 業務回顧 本集團是主要從事 OEM 服裝製造業務，專門生產睡衣及家居便服產品。我們經營垂直整 合業務，包括 (1) 原材料採購及坯布生產、(2) 原料及布料開發、(3) 服裝設計、(4) 就產品 設計及布料使用向客戶提供意見、(5) 使用我們的生產設施進行主要服裝生產流程、以及 (6) 在各主要生產階段及對製成的服裝產品進行質量控制。因此，本集團能夠為客戶提供 一站式解決方案，由布料研發至最終生產及付運。本集團在中華人民共和國（「中國」）河南 省及柬埔寨金邊市均設有生產設施，而目前在越南亦有通過長期合作的代工 ...

Financial Performance - The company recorded revenue of approximately HKD 857,430,000 for the year ended December 31, 2020, representing a growth of about 22.3% compared to the previous year[9]. - The sales volume of sleepwear and loungewear products reached approximately 21,370,000 units, an increase of about 14.2% from the previous year[7]. - Gross profit increased by approximately HKD 39,910,000 to about HKD 242,110,000, reflecting a growth of about 19.7%[10]. - The average gross profit margin for the year was approximately 28.2%, slightly down from 28.8% in the previous year[10]. - The company’s net profit attributable to shareholders increased by approximately 32.9% to about HKD 105,610,000[17]. - Revenue for the year ended December 31, 2020, was HKD 857,431,000, an increase of 22.3% from HKD 701,285,000 in 2019[185]. - Gross profit for 2020 was HKD 242,114,000, up 19.7% from HKD 202,203,000 in 2019[185]. - Net profit for the year was HKD 106,221,000, representing a 93.7% increase compared to HKD 54,843,000 in 2019[185]. - Total comprehensive income for the year was HKD 119,640,000, compared to HKD 49,972,000 in 2019, marking a significant increase of 139.5%[185]. - Other income for the year was approximately HKD 5,970,000, significantly up from HKD 1,620,000 in the previous year, mainly due to government support during the COVID-19 pandemic[12]. - Other income increased significantly to HKD 5,974,000 from HKD 1,617,000, representing a growth of 269.5%[185]. Dividends and Reserves - The company declared a final dividend of HKD 0.036 per share, representing a dividend payout ratio of approximately 42.6% of the profit attributable to shareholders[8]. - The company declared a final dividend of HKD 0.036 per share for the year ended December 31, 2020, totaling approximately HKD 45,000,000, compared to HKD 0.0228 per share in 2019[42]. - The company’s distributable reserves as of December 31, 2020, were approximately HKD 164,334,000, an increase from HKD 141,998,000 in 2019[59]. - The company’s reserves increased to HKD 391,310,000 from HKD 302,602,000, reflecting a growth of 29.3%[191]. Assets and Liabilities - As of December 31, 2020, the group's current assets were approximately HKD 375.8 million, an increase from HKD 361.9 million in 2019, while current liabilities decreased to approximately HKD 145.5 million from HKD 224.9 million[21]. - The current ratio improved to approximately 2.58 as of December 31, 2020, compared to 1.61 in the previous year[21]. - The group's cash and bank balance as of December 31, 2020, was approximately HKD 85.9 million, down from HKD 131.8 million in 2019, primarily due to net repayment of bank loans amounting to approximately HKD 111.8 million[21]. - The group had no outstanding bank loans as of December 31, 2020, compared to approximately HKD 111.8 million in 2019, resulting in a debt-to-equity ratio of zero[22]. - Current assets net value increased to HKD 230,281,000 from HKD 137,030,000, a rise of 68.1%[188]. - Total assets less current liabilities rose to HKD 432,285,000, up from HKD 343,806,000, indicating a growth of 25.8%[188]. Operational Efficiency - Financial expenses decreased by 32.4% to approximately HKD 5,280,000, primarily due to the repayment of most bank loans in the first half of 2020[16]. - Sales and distribution expenses were approximately HKD 49,140,000, an increase of about HKD 8,490,000, with a sales expense to revenue ratio of about 5.73%[14]. - The company is in negotiations to establish a production base in Vietnam, aiming to expand production capacity post-pandemic[7]. - The company is exploring the establishment of production bases in Africa and Central America to diversify social, economic, and political risks[20]. - The management is focused on developing new customer relationships and product lines to maintain stable revenue growth[20]. Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code as of December 31, 2020, except for the separation of the roles of Chairman and CEO, which are held by the same individual[107]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance between executive and non-executive members[109]. - The company has established a Nomination Committee to assist the board in managing the nomination process for directors and senior management[118]. - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, ensuring compliance by all directors during the year[108]. - The board has overall responsibility for the group's financial statements, ensuring compliance with Hong Kong accounting standards and policies[123]. - The board confirmed the effectiveness of the risk management and internal control systems during the fiscal year ending December 31, 2020, with no significant issues identified[126]. - The group has implemented measures to ensure the accuracy and timeliness of public disclosures regarding inside information[127]. Environmental and Social Responsibility - The company is committed to promoting environmental sustainability through resource conservation and recycling initiatives[33]. - Total energy consumption for the year was 6,351,000 kWh, with water usage at 35,431 cubic meters[149]. - The company produced 523 tons of direct greenhouse gas emissions and 4,704 tons of indirect emissions[149]. - The company has implemented various environmental control measures to reduce energy consumption and emissions[146]. - The company has been recognized as a "Water-Saving Enterprise" in Xuchang City[146]. - The company emphasizes compliance with local labor laws and provides competitive salaries above minimum wage standards[154]. - The company encourages resource optimization among employees to minimize waste generation[147]. - The company donated approximately HKD 436,000 to charitable organizations to support underprivileged children during the year[159]. Employee Management - The company employed 1,847 staff as of December 31, 2020, down from 2,107 staff in 2019[57]. - The total number of employees is 1,847, with a gender distribution of 407 males and 1,440 females[153][155]. - Employee turnover rate in China was approximately 3.4%, while in Cambodia it was about 12.0%[155]. - Employee training programs were implemented, with male employees receiving an average of 6 hours of training (70.3% participation) and female employees receiving 4 hours (49.0% participation)[158]. - The company provided safety measures resulting in zero work-related fatalities and a total of 50 lost workdays due to injuries during the reporting period[157]. Supply Chain and Quality Assurance - The supply chain includes 122 suppliers in China, 6 in Vietnam, and 19 in Cambodia, aimed at diversifying and enhancing product quality and delivery[161]. - The company has a quality assurance department that ensures compliance with international standards, successfully passing all inspections in the past year[162]. - The largest customer accounted for 85.1% of the total revenue, while the top five customers together contributed 99.2%[87]. - The largest supplier represented 11.3% of total purchases, and the top five suppliers accounted for 41.5%[87].

| --- | --- | |-------|-------------------------------------------------------------------------------------| | | | | | JUSTIN ALLEN HOLDINGS LIMITED | | | 捷 隆 控 股 有 限 公 司 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 股份代號 : 1425 | | | | 目 錄 2 管理層討論及分析 7 其他資料 11 財務資料目錄 23 公司資料 管理層討論及分析 二零二零年是捷隆控股有限公司「( 本公司」)上市後的第一個財政年度，是我們的歷史中的一個重要的里程碑， 但同時亦是充滿挑戰的一年。2019冠狀病毒疫情於全球蔓延，令本集團、其客戶及供應商均面對前所未有的短 期性困擾。但本公司及其附屬公司「( 本集團」)面對艱難的市場及營商環境，積極執行各種政策以備把握疫情後 的機遇。對外，我們主動為客戶提供不同的方案，亦以較具彈性的對應及零活的配合以滿足他們各種需求。 儘管在2019冠狀病毒疫情下本行業的很多公司均面對銷售收入的萎縮，但憑藉上述的應 ...

Sales Performance - The company sold approximately 18,710,000 units of sleepwear and loungewear products in the year ended December 31, 2019, representing a growth compared to the previous year[10]. - Sales of loungewear products increased by approximately 30.7% year-on-year, contributing to an average selling price increase of about 12.1% to approximately HKD 36.8[11]. - Total revenue for the year reached approximately HKD 701,290,000, reflecting a year-on-year growth of about 15.3%[11]. - Revenue from product sales (sleepwear, loungewear, and grey fabric) for the year ended December 31, 2019, was HKD 697,386,000[164]. - Total revenue for the year ended December 31, 2019, was HKD 701,285,000, an increase of 15.2% from HKD 608,386,000 in 2018[182]. Profitability - Gross profit increased from approximately HKD 168,730,000 to about HKD 202,200,000, with the gross profit margin rising from approximately 27.7% to 28.8%[12]. - The profit attributable to the owners of the company increased by approximately 41.0% to about HKD 52,400,000, driven by higher revenue and gross margin[19]. - Net profit for the year was HKD 54,843,000, a rise of 30.0% compared to HKD 42,225,000 in 2018[182]. - The company reported a profit of HKD 52,403,000 for the year, compared to a loss of HKD 4,680,000 in the previous year, indicating a turnaround in profitability[191]. Expenses and Financial Management - Administrative expenses rose to approximately HKD 53,110,000, primarily due to increased salaries and employee bonuses, up from about HKD 48,100,000[17]. - Financial expenses increased to approximately HKD 7,810,000, mainly due to an increase in short-term bank borrowings for general working capital[18]. - Sales and distribution expenses decreased by approximately 6.9% to about HKD 40,660,000, due to direct procurement from Chinese suppliers[16]. - Other losses increased from approximately HKD 1,020,000 to about HKD 2,470,000, primarily due to provisions for credit losses on trade receivables[15]. Dividends and Shareholder Returns - The proposed final dividend is HKD 0.0228 per share, totaling approximately HKD 28,500,000, which represents about 54% of the profit attributable to shareholders[20]. - The company declared a final dividend of HKD 0.0228 per share, totaling approximately HKD 28,500,000 for the year ended December 31, 2019[48]. - The company has established a dividend policy to allow shareholders to share in profits while reserving sufficient funds for future growth[45]. Assets and Liabilities - As of December 31, 2019, the group's current assets were approximately HKD 361,900,000, an increase from HKD 274,620,000 in 2018, while current liabilities were approximately HKD 224,870,000, down from HKD 275,960,000 in 2018[25]. - The current ratio as of December 31, 2019, was approximately 1.61, compared to 1.00 as of December 31, 2018[25]. - The group's cash and bank balances as of December 31, 2019, were approximately HKD 131,750,000, significantly up from HKD 27,120,000 in 2018[25]. - The group's outstanding bank loans as of December 31, 2019, were approximately HKD 111,770,000, compared to HKD 27,430,000 in 2018, with a debt-to-equity ratio of approximately 35.4%[26]. Operational Developments - The company plans to build a new garment factory in Vietnam to expand production capacity, with land acquisition and development planning currently underway[10]. - The group plans to continue developing new customer bases and product lines, aligning with its horizontal and vertical development plans[24]. - The management is focused on maintaining communication with customers to understand their situations and provide various solutions during the pandemic[23]. Governance and Compliance - The company has a strong governance framework as outlined in the corporate governance report[95]. - The company has complied with all applicable code provisions of the Corporate Governance Code as of December 31, 2019, except for the separation of the roles of Chairman and CEO, which are held by the same individual[109]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance that protects the interests of shareholders[111]. - The company has established management systems to prevent money laundering and will report any suspected criminal activities to relevant authorities[158]. Environmental and Social Responsibility - The company is committed to environmental sustainability through initiatives like water conservation and encouraging the reuse of office supplies[39]. - The group has implemented various environmental control measures to monitor and gradually reduce energy consumption and emissions[143]. - The group has committed approximately HKD 60,000 in donations to charitable organizations to support underprivileged children and their families[155]. - The group has established a culture of equal pay and non-discrimination in hiring and promotion practices, ensuring compliance with local labor laws[151]. Risk Management - The group aims to manage financial and operational risks effectively, ensuring readiness for future opportunities post-pandemic[24]. - The board confirmed its overall responsibility for the effectiveness of the group's risk management and internal control systems, which are reviewed annually[126]. - The board conducted regular and annual reviews of the effectiveness of its risk management and internal control systems, finding no significant issues during the review for the year ended December 31, 2019[129].