Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, increased by approximately 130.7% year-on-year, reaching around RMB 213.8 million, up from RMB 92.6 million in 2023[7]. - The overall gross profit margin decreased by about 12.7%, from approximately 36.3% in 2023 to around 23.6% in 2024, primarily due to temporary price discounts to capture market share[7]. - Net profit attributable to equity shareholders was approximately RMB 9.9 million, a year-on-year increase of about 10.9%, driven by an increase in gross profit from RMB 33.6 million in 2023 to RMB 50.5 million in 2024[7]. Revenue Breakdown - Revenue from Japan outbound travel tours increased by approximately 82.2% year-on-year to about RMB 23.5 million, benefiting from a focus on overseas markets and partnerships with international travel agencies[8]. - Revenue from local tours in Japan surged approximately 255.2% year-on-year to around RMB 146.7 million, attributed to enhanced transportation capacity and a broader product selection[8]. - Hotel business revenue increased by about 10.6% in 2024, reaching approximately RMB 21.9 million, with occupancy rates maintained above 90%[8]. - The duty-free shop business experienced a revenue decline of approximately 58.2% in 2024, reflecting a strategic shift in focus[8]. Strategic Plans - The company plans to continue hotel renovations to enhance guest experiences and attract high-end travelers, as well as expand its bus fleet to accommodate larger groups[9]. - Future strategies include launching niche theme tours and exploring emerging destination markets to diversify product offerings[9]. Risk Management and Internal Controls - The company emphasizes risk management and internal controls to maintain operational efficiency and financial transparency, with regular audits and compliance training for staff[10]. - The company has engaged an external professional firm to conduct an annual review of its risk management and internal control systems, ensuring their effectiveness and adequacy[100]. - The audit committee assists the board in overseeing the implementation and effectiveness of risk management and internal control systems[95]. Corporate Governance - The company has adhered to all applicable corporate governance code provisions as per the listing rules, except for the provision C.2.1 regarding the separation of roles between the chairman and CEO[48]. - The board of directors is responsible for overseeing the company's business, strategic decisions, and performance, ensuring objective decision-making in the best interest of the company[51]. - The company has established various committees, including audit, remuneration, and nomination committees, to enhance governance and oversight[48]. Diversity and Inclusion - The board aims to increase the proportion of female directors to at least 20% by 2028, currently having one female director[79]. - The company emphasizes diversity in its recruitment practices across all levels, including the board and senior management[80]. - The workforce composition includes 67 males and 77 females, with a notable increase in the number of employees aged 50 and above from 24 in 2023 to 34 in 2024[172]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's initiatives and performance in sustainability and corporate governance for the year 2024[121]. - The company aims to reduce electricity intensity by 5% by 2030, using 2023 as the baseline year[140]. - The company is committed to implementing internal policies to reduce carbon emissions and achieve decarbonization goals[139]. Employee Development and Welfare - The company achieved a 100% employee training rate this year, with a total training time of 1,183 hours, an increase from 1,056 hours in the previous year[180]. - Employee performance evaluations are conducted at least once a year to recognize hard work and provide improvement feedback[174]. - The company promotes a healthy work-life balance through regular team-building activities and family-inclusive events[175]. Compliance and Legal Matters - The company has established compliance procedures to ensure adherence to significant laws and regulations, with no major violations reported this year[186]. - The company has maintained strict privacy protection for employee and customer data, with no complaints received regarding data security this year[188]. - The company has reported no significant issues related to bribery, extortion, fraud, or money laundering laws during the year[192].

Financial Performance - Total revenue for the year ended December 31, 2024, reached approximately RMB 213.8 million, a year-on-year increase of 130.7% from RMB 92.6 million in 2023[4] - Gross profit for the same period was approximately RMB 50.5 million, up 50.2% from RMB 33.6 million in 2023, although the overall gross margin decreased from 36.3% to 23.6%[5] - Net profit attributable to equity shareholders was approximately RMB 9.9 million, reflecting a 10.9% increase compared to RMB 8.9 million in 2023[4] - Revenue for the year ended December 31, 2024, increased to RMB 213,763,000, a 130% increase from RMB 92,645,000 in 2023[20] - Gross profit for 2024 was RMB 50,536,000, up 50% from RMB 33,642,000 in 2023[20] - Net profit for the year was RMB 9,939,000, representing an 8% increase compared to RMB 9,194,000 in 2023[21] - The company reported a pre-tax profit of RMB 9,890,000 for the year 2024, up from RMB 8,921,000 in 2023[43] Revenue Breakdown - Sales revenue from Japan outbound travel tours increased by approximately 82.2% to about RMB 23.5 million, driven by enhanced overseas market focus and expanded sales channels[6] - Revenue from local tours in Japan surged approximately 255.2% to about RMB 146.7 million, benefiting from a diversified product offering and improved customer experience[6] - Revenue from Japan travel group sales increased by approximately 82.2% to about RMB 235.23 million, reflecting the company's ongoing overseas expansion through partnerships with international travel agencies[14] - Revenue from local tours in Japan surged by approximately 255.2% to about RMB 1.46668 billion, attributed to enhanced transportation capacity and diversified product offerings[14] - Revenue from tour sales and local travel amounted to RMB 184,150,000 in 2024, compared to RMB 59,203,000 in 2023, indicating a growth of 211%[34] Expenses and Costs - Sales and distribution costs increased to RMB 90 million from RMB 34 million, reflecting higher salaries and commissions paid to the sales team[18] - Administrative expenses rose to RMB 69 million from RMB 44 million, driven by increased depreciation and employee-related costs[19] Assets and Liabilities - Total assets less current liabilities amounted to RMB 175,229,000, compared to RMB 172,252,000 in 2023[23] - Current assets increased to RMB 91,577,000, a significant rise from RMB 72,833,000 in 2023[22] - Current liabilities increased to RMB 62,852,000, up from RMB 51,494,000 in 2023[23] - Non-current liabilities decreased to RMB 32,650,000 from RMB 37,201,000 in 2023[23] - The company’s total liabilities for the year 2024 were RMB 161,249,000, compared to RMB 54,850,000 in 2023, reflecting an increase of 194%[41] Operational Insights - The company plans to continue hotel renovations and expand its bus fleet to accommodate larger groups, aiming to attract high-end travelers and enhance customer experience[8] - The company continues to focus on expanding its travel and tourism services, including outbound travel tours and visa application services[24] - The company maintained a diversified travel offering and implemented hedging tools to mitigate economic impacts[12] Risk Management - The company emphasizes risk management and internal controls to ensure operational efficiency and financial transparency, with regular audits and compliance training for staff[9] - The company faces foreign exchange risks due to costs incurred in foreign currencies, particularly Japanese Yen, but currently has no plans to hedge these risks[55] - The company’s interest rate risk is primarily associated with its interest-bearing bank loans, with a policy to mainly use fixed-rate debt[56] - The group faces significant risks including economic downturns in China, currency fluctuations, and increased competition in the travel industry[73] Shareholder Information - The board of directors has recommended not to declare any dividends for the year, consistent with the previous year[45] - The board recommended not to declare a dividend for the year ending December 31, 2024, consistent with the previous year[60] - The company expressed gratitude to shareholders, banks, customers, and suppliers for their support and trust during the year[11] Future Outlook - The company is optimistic about maintaining growth momentum in 2025, focusing on digital marketing and exploring niche travel themes[8] - The company has no plans for significant acquisitions or disposals as of December 31, 2024, indicating a focus on internal growth strategies[52] Employee and Governance - The company employed a total of 144 full-time employees as of December 31, 2024, maintaining a stable workforce[57] - The board of directors includes four executive directors and three independent non-executive directors[79] Meeting and Reporting - The annual general meeting for the year 2024 will be held on May 26, 2025[75] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[77] - The annual report for the year ending December 31, 2024, will be sent to shareholders and published at an appropriate time[77]

Financial Performance - For the six months ended June 30, 2024, the company reported a significant revenue increase of 234.1% and a net profit attributable to equity shareholders growth of 69.2% compared to the same period in 2023[3]. - Revenue for the six months ended June 30, 2024, reached RMB 90,585,000, a significant increase of approximately 233.5% compared to RMB 27,115,000 in the same period of 2023[11]. - The net income for the period was RMB 4,581,000, compared to RMB 2,716,000 in the same period of 2023, reflecting an increase of approximately 68.5%[11]. - The company reported a basic earnings per share of RMB 0.46 for the period, compared to RMB 0.27 in the same period of 2023[11]. - The total comprehensive loss for the six months ended June 30, 2024, was RMB 2,092,000, compared to a total comprehensive income of RMB 1,062,000 for the same period in 2023, indicating a shift from profit to loss[13]. - The company reported a significant loss of RMB 935,000 from financial assets measured at fair value through profit or loss for the six months ended June 30, 2024, compared to a gain of RMB 2,035,000 in the same period of 2023[29]. - The pre-tax profit for the company increased significantly to RMB 4,596,000 for the six months ended June 30, 2024, compared to RMB 2,716,000 for the same period in 2023, marking an increase of approximately 69.2%[34]. Revenue Sources - Revenue from overseas customers exceeded 80% in the first half of 2024, a substantial increase from over 30% in the same period of 2023[3]. - Revenue from local tours accounted for 73.0% of total revenue in the first half of 2024, up from 24.7% in the first half of 2023[6]. - Sales from local tours and travel packages increased by approximately 888.9% and 105.1% respectively compared to the same period in 2023, driven by expansion into overseas markets[7]. - Revenue from tour sales and local tours was RMB 78,135 thousand, up from RMB 12,542 thousand year-on-year, indicating a growth of about 523%[22]. - Revenue from visa application services was RMB 1,220 thousand, down from RMB 2,703 thousand, indicating a decline of about 54.7%[22]. - The duty-free shop business generated revenue of RMB 1,240 thousand, down from RMB 3,403 thousand, representing a decrease of approximately 63.5%[22]. - Geographic revenue breakdown shows that revenue from China was RMB 80,680 thousand, a significant increase from RMB 15,832 thousand, reflecting a growth of about 409%[26]. Operational Developments - The company plans to strengthen its expansion in North America, Europe, and Southeast Asia while exploring new opportunities in the Middle East and South America[4]. - The company is developing a tourism bus company and acquiring high-end tourist buses to consolidate its competitive position in Japan[5]. - The company aims to enhance its information technology systems to improve integration with overseas travel partners and channels[5]. - The company is committed to launching customized high-value travel products tailored for the competitive Chinese market[4]. - The hotel business achieved an occupancy rate of over 90%, maintaining a gross margin of over 80%[8]. Financial Position - Total assets as of June 30, 2024, were RMB 166,424,000, a decrease from RMB 172,252,000 as of December 31, 2023[12]. - The net cash and cash equivalents as of June 30, 2024, were RMB 37,486,000, slightly down from RMB 38,093,000 as of December 31, 2023[12]. - For the six months ended June 30, 2024, the company's total equity attributable to shareholders was RMB 132,959,000, a decrease from RMB 135,051,000 as of January 1, 2024, representing a decline of approximately 1.6%[13]. - The net cash flow from operating activities for the six months ended June 30, 2024, was a negative RMB 22,000, compared to a positive RMB 3,078,000 in the same period of 2023, indicating a significant decline in operational cash generation[14]. - The company reported a net cash inflow from investing activities of RMB 2,268,000 for the six months ended June 30, 2024, compared to RMB 346,000 in the same period of 2023, reflecting an increase of approximately 553%[14]. - The net cash outflow from financing activities was RMB 1,280,000 for the six months ended June 30, 2024, down from RMB 1,649,000 in the same period of 2023, showing a reduction of about 22.4%[14]. - The company's cash and cash equivalents at the end of June 30, 2024, were RMB 37,486,000, an increase from RMB 31,406,000 at the end of June 30, 2023, representing a growth of approximately 19.4%[14]. Shareholder Information - Major shareholders, including Mr. York Yu, hold a combined 70.23% of the company's shares, totaling 702,312,000 shares[49]. - Major shareholders include York Yu Co., Ltd with 418,725,000 shares (41.87%), David Xu Co., Ltd with 50,025,000 shares (5.00%), King Pan Co., Ltd with 121,062,000 shares (12.11%), and Jeffery Xu Co., Ltd with 112,500,000 shares (11.25%) [52]. - The total number of shares held by controlling shareholders, including Mr. Yu Dingxin, Mr. Pan Wei, and Mr. Xu Jiong, is 702,312,000 shares, representing 70.23% of the total shares [52]. - The company’s issued and fully paid share capital remained at RMB 8,797,000 as of June 30, 2024, unchanged from December 31, 2023[46]. Risks and Challenges - The company faces foreign exchange risks due to costs incurred in foreign currencies, including Japanese Yen, Australian Dollar, and New Zealand Dollar, but currently has no plans to hedge against these risks[58]. - The company is exposed to interest rate risks primarily related to its bank borrowings, with a policy to manage interest costs using fixed-rate debt[59]. - The group’s business is significantly impacted by risks related to the economic, political, or social environment in Japan, which is the most popular destination for its travel products[72]. - Changes in visa application policies by the Chinese and Japanese governments may adversely affect the group's business and revenue[73]. - Fluctuations in the Japanese yen exchange rate will impact the group's operational performance and financial condition[73]. - A significant portion of the group's revenue comes from Chinese customers, and a downturn in the Chinese economy could have a major negative impact on the group's business and performance[73]. - The group faces intensified market competition from travel agencies, hotels, flight suppliers, online travel platforms, and alternative booking channels[73]. - Natural disasters, terrorist threats, wars, and outbreaks of infectious diseases could adversely affect consumer demand for travel activities, impacting the group's business[73]. - The group may face actions from the Chinese government if contractual arrangements are deemed non-compliant with applicable laws, rules, regulations, or policies[73]. Corporate Governance - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[16]. - The company has not reported any significant contingent liabilities as of June 30, 2024, and December 31, 2023[57]. - The group maintains compliance with the public float percentage required by the listing rules as of the report date[70]. - The group operates its outbound tourism business through contractual arrangements due to restrictions on foreign ownership in this sector[71]. - There have been no significant events affecting the group since June 30, 2024, indicating stability in operations[57].

Financial Performance - The company reported a revenue of RMB 90,585,000 for the six months ended June 30, 2024, representing a 234.1% increase compared to RMB 27,115,000 in the same period of 2023[1]. - Gross profit for the same period was RMB 26,483,000, up 107.1% from RMB 12,785,000 year-on-year[1]. - Net profit attributable to equity shareholders was RMB 4,596,000, reflecting a 69.2% increase from RMB 2,716,000 in the previous year[1]. - Revenue for the six months ended June 30, 2024, was RMB 90,585,000, a significant increase from RMB 27,115,000 in the same period of 2023[8]. - Gross profit for the same period was RMB 26,483,000, compared to RMB 12,785,000 in 2023, indicating a strong recovery in profitability[8]. - The group reported a pre-tax profit of RMB 4,596,000 for the six months ended June 30, 2024, compared to RMB 2,716,000 for the same period in 2023, representing an increase of 69%[26]. - Basic earnings per share for the period were RMB 0.46, compared to RMB 0.27 in the same period of 2023[9]. - The company reported a pre-tax profit of RMB 4,501,000 for the six months ended June 30, 2024, up from RMB 2,674,000 in the previous year[8]. Revenue Sources - The company achieved over 80% of its revenue from overseas customers in the first half of 2024, a significant increase from over 30% in the same period of 2023[2]. - Revenue from tour sales and local travel reached RMB 78,135,000, up from RMB 12,542,000, marking a growth of 523%[18]. - The net income from free travel products increased to RMB 1,320,000 from RMB 332,000, reflecting a growth of 297%[18]. - The group’s hotel business generated revenue of RMB 8,670,000, slightly up from RMB 8,135,000, indicating a growth of 7%[17]. - Revenue from visa application services decreased to RMB 1,220,000 from RMB 2,703,000, a decline of 55%[17]. Operational Efficiency - The gross margin decreased from 47.2% in the first half of 2023 to 29.2% in the first half of 2024, primarily due to changes in the sales mix[2]. - The company aims to enhance its information technology systems to improve operational efficiency and competitiveness[4]. - Hotel operations maintained an occupancy rate of over 90%, with gross margins remaining above 80%[6]. Strategic Plans - The company plans to strengthen its expansion in North America, Europe, and Southeast Asia, while exploring new opportunities in the Middle East and South America[3]. - The company is developing a tourism bus company and acquiring high-end tourist buses to consolidate its competitive position in Japan[4]. - The company plans to utilize RMB 17,600,000 for the acquisition of hotel assets in Kyoto, Japan, as part of its strategic expansion[34]. Financial Position - Current liabilities increased to RMB 58,306,000 from RMB 51,494,000 year-on-year, reflecting growth in operational activities[10]. - Total assets decreased to RMB 166,424,000 from RMB 172,252,000 year-on-year, indicating a slight contraction in asset base[10]. - Non-current liabilities, specifically interest-bearing bank loans, decreased to RMB 27,955,000 from RMB 31,215,000 year-on-year, showing improved debt management[12]. - The company's total equity attributable to shareholders was RMB 130,761,000, down from RMB 132,825,000 in the previous year, reflecting changes in retained earnings and reserves[12]. - The total bank borrowings as of June 30, 2024, were RMB 231,812,000, with a weighted average interest rate of 1.88%[30]. Expenses and Liabilities - Administrative expenses increased by approximately 50.7% compared to the same period in 2023, attributed to the recovery and expansion of the company's business scale[7]. - The group’s total liabilities included bank loan interest of RMB 539,000 and lease liabilities interest of RMB 7,000 for the six months ended June 30, 2024[22]. - The aging analysis of accounts receivable shows that amounts overdue by 1 to 30 days increased to RMB 16,095,000 from RMB 11,554,000 year-on-year[28]. Dividend and Shareholder Returns - The company does not recommend the distribution of an interim dividend for the six months ended June 30, 2024, to retain sufficient liquidity for future growth and expansion[2]. - The company reported no dividend payment recommendation for the six months ending June 30, 2024, consistent with the previous year[28]. - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[38]. Corporate Governance - The company has adopted strict corporate governance principles to enhance transparency and accountability to shareholders[41]. - The audit committee reviewed the interim results for the six months ended June 30, 2024, ensuring compliance with accounting principles[43]. - The remuneration committee is responsible for evaluating the performance of directors and senior management, as well as assessing the company's share incentive plans[44]. Employment and Compensation - The company employed a total of 133 full-time employees as of June 30, 2024, with compensation packages including salaries, bonuses, and benefits[36]. - The company’s management compensation for the six months ending June 30, 2024, totaled RMB 1,263,000, slightly down from RMB 1,308,000 in the previous year[33]. Other Information - There were no significant events affecting the company after June 30, 2024, up to the announcement date[35]. - The company has no significant contingent liabilities as of June 30, 2024[35]. - There were no significant investments or acquisitions during the six months ended June 30, 2024[40].

Financial Performance - The company's revenue for the year ended December 31, 2023, increased to approximately RMB 926.45 million, representing a 252% increase compared to the previous year[7]. - The net profit attributable to equity shareholders was approximately RMB 89 million, a significant turnaround from a net loss of approximately RMB 185 million in the previous year[7]. - Revenue from overseas customers increased to over 60% in 2023, with significant growth in day tours, hotel operations, and travel group sales, which rose by approximately 9,538%, 225%, and 345% respectively compared to 2022[8]. - The hotel business achieved a gross profit margin of approximately 56%, a substantial increase of about 26% from the previous year, with an occupancy rate exceeding 90%[8]. - Revenue from local tours and travel packages in Japan increased by approximately 9,538% and 345% respectively compared to 2022, with overseas customer revenue exceeding 60% in 2023[15]. - Hotel business revenue rose from approximately RMB 6.1 million in 2022 to about RMB 19.8 million in 2023, with a gross margin increase from around 30% to approximately 56%[16]. - The duty-free shop business revenue decreased by about 66%, attributed to customers preferring in-store shopping in Japan over online purchases[17]. - Other income and gains/losses netted approximately RMB 2.0 million in 2023, compared to a loss of RMB 2.3 million in 2022, with interest income from loans to third parties at approximately RMB 1.7 million[19]. - Administrative and other expenses increased by approximately RMB 9.0 million due to a focus on developing overseas markets[22]. Business Strategy and Development - The company plans to achieve a balanced development in overseas and Chinese markets in 2024, aiming for overseas customer revenue to reach 80%[9]. - The company aims to diversify business risks by collaborating with more overseas partners and enhancing product offerings in the Chinese market[9]. - The company plans to acquire hotel assets in Kyoto, with an expected unutilized net proceeds of RMB 17.6 million for this purpose[24]. - The company will focus on enhancing service quality in the hotel business through facility upgrades and sustainable practices to align with global trends[9]. Corporate Governance - The company has a strong commitment to corporate governance, adhering to all applicable code provisions except for C.2.1, which states that the roles of Chairman and CEO should be separate[53]. - The board consists of four executive directors and three independent non-executive directors, bringing diverse industry experience to enhance decision-making[59]. - The company has implemented a standard code for securities trading by directors and relevant employees, ensuring compliance with regulations[55]. - The Chairman, Mr. Yu Dingxin, has been leading the board since February 27, 2018, and is responsible for promoting effective corporate governance practices[60]. - The company has established a three-year service contract for each executive and independent non-executive director, ensuring stability in leadership[64]. - All independent non-executive directors have confirmed their independence according to the listing rules, contributing to the board's integrity[61]. - The company has a structured approach to board meetings, regularly reviewing the contributions of directors to ensure accountability[57]. - The company has a clear framework for the appointment and re-election of directors, with one-third of the board required to retire at each annual general meeting[64]. - The company emphasizes the importance of internal control measures to enhance transparency and accountability to shareholders[53]. - The company has a dedicated company secretary with over 20 years of experience in compliance and corporate governance, supporting effective board operations[50]. Risk Management and Internal Controls - The company has established a risk management and internal control system aimed at managing risks rather than eliminating them, providing reasonable assurance against significant misstatements or losses[108]. - The external professional firm responsible for internal audit functions has been engaged to conduct an annual review of the risk management and internal control system, ensuring its effectiveness and adequacy[114]. - The board and audit committee found no significant internal control deficiencies during their review of the risk management and internal control systems[114]. - The company has developed risk management policies to identify and mitigate climate-related risks, including acute and chronic physical risks from extreme weather events[196]. - The company is monitoring legal and regulatory changes related to climate change to avoid increased costs and reputational risks, while also implementing greenhouse gas reduction measures[198]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's initiatives and performance in sustainability for the year 2023[139]. - The ESG report covers operations in China and Japan, including the company's offices in Hangzhou and Shanghai, and its hotels in Japan[140]. - The report period for the ESG initiatives spans from January 1, 2023, to December 31, 2023[141]. - The company aims to enhance ESG data disclosure and welcomes feedback from stakeholders regarding its sustainability performance[148]. - The company aims to reduce electricity, water, greenhouse gas emissions, and waste generation density by 5% by 2030, using 2023 as the baseline year[164]. - The board actively integrates sustainability principles into daily management and operations, ensuring alignment with growth strategies[150]. - The company emphasizes stakeholder engagement to identify significant environmental, social, and governance issues, including product quality and supply chain management[154]. - The company is committed to achieving carbon neutrality by 2050 and has set specific environmental key performance indicators[163]. - The company prioritizes responsible tourism, employee rights and welfare, and waste management as key issues in its sustainability strategy[160]. - The company implements green management measures to reduce carbon emissions and mitigate negative environmental impacts[162]. Shareholder Communication and Rights - The board is responsible for maintaining ongoing dialogue with shareholders, particularly during annual general meetings[106]. - The company ensures shareholder rights by presenting independent resolutions for significant matters at shareholder meetings, with voting results published post-meeting[127]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within two months of their request[128]. - The company maintains effective communication with shareholders through various channels, emphasizing the importance of dialogue during annual general meetings[133]. - The company has implemented a shareholder communication policy to address shareholder concerns and ensure timely information disclosure[134].

Financial Performance - The company's revenue for the year ended December 31, 2023, reached approximately RMB 92.6 million, an increase of about 252% compared to RMB 26.3 million in 2022[4] - Gross profit for the same period was approximately RMB 33.6 million, also showing a growth of over 100% from RMB 7.4 million in 2022[4] - The net profit attributable to equity shareholders was approximately RMB 8.9 million, a significant turnaround from a loss of RMB 18.5 million in the previous year[4] - The group's revenue for the year ended December 31, 2023, was RMB 92.645 million, a significant increase from RMB 26.293 million in 2022, representing a growth of approximately 252%[18] - The gross profit for the same period was RMB 33.642 million, compared to RMB 7.409 million in 2022, indicating a substantial increase in profitability[18] - The net profit for the year was RMB 9.194 million, a recovery from a loss of RMB 18.508 million in 2022[20] - The group's pre-tax profit for 2023 was RMB 8,921,000, a significant improvement compared to a loss of RMB 18,462,000 in 2022[46] Revenue Breakdown - Revenue from local tours in Japan increased by approximately 9,538%, while revenue from Japanese travel packages rose by 345% compared to 2022[11] - Revenue from travel group sales and local tours surged to RMB 59,203,000 in 2023, compared to RMB 3,370,000 in 2022, marking an increase of about 1,661%[34] - Hotel business revenue increased to RMB 19,760,000 in 2023, up from RMB 6,074,000 in 2022, reflecting a growth of approximately 226%[34] - Revenue from visa application services rose to RMB 6,372,000 in 2023, compared to RMB 61,000 in 2022, indicating a growth of around 10,400%[34] - Revenue from duty-free store operations decreased to RMB 5,508,000 in 2023 from RMB 16,193,000 in 2022, a decline of approximately 66%[34] - Revenue from China accounted for RMB 72,275,000 in 2023, significantly up from RMB 19,688,000 in 2022, representing an increase of about 267%[37] - Revenue from Japan reached RMB 20,370,000 in 2023, compared to RMB 6,605,000 in 2022, showing a growth of approximately 208%[37] Expenses and Costs - Administrative expenses increased by approximately RMB 9.0 million due to a focus on developing overseas markets, leading to higher distribution costs[16] - The sales and distribution expenses were RMB 8.496 million, an increase from RMB 6.786 million in 2022, reflecting the company's strategic marketing efforts[18] - The group maintained a stable sales and distribution cost despite a significant increase in revenue, attributed to strict control over marketing expenditures[14] - The total interest expense for bank loans decreased to RMB 1,238,000 in 2023 from RMB 1,310,000 in 2022, reflecting a reduction of approximately 5.5%[42] - The expected credit loss provision for accounts receivable decreased to RMB 3,955,000 in 2023 from RMB 13,622,000 in 2022, indicating improved credit quality[49] - The group's employee benefit expenses (excluding directors' remuneration) increased to RMB 7,776,000 in 2023 from RMB 5,311,000 in 2022, an increase of 46.3%[44] Assets and Liabilities - The company's cash and cash equivalents increased to RMB 38.093 million from RMB 29.890 million in the previous year, reflecting improved liquidity[22] - The total assets less current liabilities amounted to RMB 172.252 million, up from RMB 166.475 million in 2022[24] - The total accounts payable increased to RMB 7,934,000 in 2023 from RMB 1,261,000 in 2022, indicating a significant rise in liabilities[52] - Non-current assets in China were valued at RMB 30,253,000 in 2023, down from RMB 33,638,000 in 2022, a decrease of about 10%[39] - Non-current assets in Japan were RMB 115,752,000 in 2023, slightly down from RMB 123,642,000 in 2022, reflecting a decrease of around 6%[39] Dividends and Shareholder Information - The company will not declare a final dividend for the year ended December 31, 2023[5] - The board has proposed not to declare a dividend for the year ending December 31, 2023, similar to the previous year[68] - The company did not declare a final dividend for the year 2023, consistent with the previous year[47] - The annual general meeting is scheduled for May 27, 2024, and shareholders must submit transfer documents by May 21, 2024, to be eligible to vote[86] - The annual performance announcement will be published on the stock exchange and the company's website, with the annual report sent to shareholders[87] Future Outlook and Strategy - The company anticipates that overall revenue from overseas customers will reach 80% in 2024[6] - The management plans to enhance service quality in the hotel business and expand overseas market partnerships to drive future growth[8] - The company plans to acquire hotel assets in Kyoto, Japan, with an investment of HKD 17,600,000 expected to be completed by December 31, 2023[57] - The company has not made any significant acquisitions or disposals during the review period, nor does it have plans for major investments as of December 31, 2023[58] Risks and Challenges - The company faces foreign exchange risks due to costs incurred in foreign currencies, particularly Japanese Yen, but currently has no plans to hedge against these risks[61] - The group faces risks from potential changes in visa application policies by the Chinese and Japanese governments, which may adversely affect business and revenue[85] - The majority of the group's revenue comes from Chinese customers, and a downturn in the Chinese economy could have a significant negative impact on business performance[85] - The group is subject to intensified competition from travel agencies, hotels, flight suppliers, online travel platforms, and alternative booking channels[85] - Natural disasters, terrorism, or outbreaks of infectious diseases could significantly affect consumer demand for travel services[85] Compliance and Governance - The group's financial statements for the year ending December 31, 2023, have been approved by its auditor, but no verification opinion has been issued[84] - The company maintains a public float of no less than 25% of its issued shares as per listing rules[78] - The group primarily engages in outbound tourism services through operational entities, which are prohibited from foreign ownership under Chinese regulations[79] - Japan is the most popular destination for the group's travel products, and any adverse developments in Japan's economic, political, or social environment could significantly impact the group's business performance[80] - The company has no significant contingent liabilities as of December 31, 2023[60]

Financial Performance - The company's overall revenue increased by approximately 115.5% compared to the same period in 2022, with a net profit attributable to equity shareholders of approximately RMB 2.7 million, a significant improvement from a net loss of approximately RMB 3.6 million in the first half of 2022[7]. - Total revenue for the first half of 2023 was RMB 27.1 million, with a gross profit margin of 47.2%, compared to RMB 12.6 million and a gross profit margin of 55.8% in the same period of 2022[13]. - The company reported a profit before tax of RMB 2,674 thousand for the six months ended June 30, 2023, compared to a loss of RMB 3,871 thousand in the same period of 2022[21]. - The company reported a profit of RMB 2,716,000 for the period, compared to a loss of RMB 3,609,000 in the same period last year[33]. - Cash flow from operating activities showed a net inflow of RMB 2,558 thousand, a significant improvement from a net outflow of RMB 14,424 thousand in the previous year[24]. Revenue Breakdown - Revenue from the hotel business surged by approximately 223.8% to about RMB 8.1 million, with the gross profit margin increasing from approximately 67.7% to about 80.7%[8]. - Revenue from tour sales was RMB 4.95 million, accounting for 18.3% of total revenue, while local tour sales generated RMB 6.69 million, accounting for 24.7%[13]. - Revenue from travel group sales and local tours reached RMB 12,542,000, a significant increase from RMB 434,000 in the previous year[33]. - Revenue from hotel operations increased to RMB 8,135,000, up from RMB 2,512,000, reflecting a growth of 224.5%[33]. - Revenue from duty-free store operations decreased to RMB 3,403,000 from RMB 9,481,000, indicating a decline of 64.1%[33]. Operational Metrics - The occupancy rates for the Shizuoka Hotel and Tokyo Hotel reached approximately 15.5% and 86.0%, respectively, showing significant improvement compared to the same period in 2022[8]. - The average revenue per traveler for tour sales increased to approximately RMB 8,583, while for local tours it rose to approximately RMB 356[8]. - Administrative expenses increased by approximately 18.9% compared to the same period in 2022, consistent with the recovery and expansion of the company's business scale[18]. - The accounts receivable turnover days increased to 71 days as of June 30, 2023, from 12 days on December 31, 2022, due to the resumption of hotel operations[81]. - The accounts payable turnover days also increased to 92 days as of June 30, 2023, from 24 days on December 31, 2022, attributed to the same operational resumption[81]. Future Plans and Strategies - The company plans to establish its own product brand, expand the design and manufacturing capabilities of the duty-free business, and explore customized travel products in the second half of 2023 and 2024[12]. - The company aims to apply for financial licenses related to cross-border payment, transfer, and exchange services, and intends to expand into hotel management to leverage its expertise in the industry[12]. - The company plans to acquire hotel assets in Kyoto, Japan, with an expected investment of HKD 17,600,000 by December 31, 2023[71]. - The company is investing HKD 11,440,000 in purchasing tour buses and hiring third-party operators[71]. Financial Position - Total assets less current liabilities amounted to RMB 165,352 thousand as of June 30, 2023, compared to RMB 166,475 thousand at the end of 2022[22]. - The company's net assets increased to RMB 129,366 thousand as of June 30, 2023, from RMB 128,304 thousand at the end of 2022[22]. - Cash and cash equivalents as of June 30, 2023, amounted to RMB 31,406,000, an increase from RMB 29,890,000 as of December 31, 2022[52]. - The total inventory as of June 30, 2023, was RMB 1,848,000, up from RMB 1,602,000 as of December 31, 2022[49]. - The group’s capital debt ratio remained stable at 26.6% as of June 30, 2023, compared to 26.7% on December 31, 2022[80]. Shareholder Information - The company’s major shareholders, including Mr. Yu Dingxin, hold a combined 70.23% equity interest, indicating strong control over the company[64]. - Major shareholders include York Yu Co., Ltd with 418,725,000 shares (41.87%) and David Xu Co., Ltd with 50,025,000 shares (5.00%)[67]. - The total shares controlled by Yu Dingxin, Pan Wei, and Xu Jiong amount to 702,312,000 shares, representing 70.23% of the company[67]. - The company has a stock option plan with 100,000,000 options available, but no options have been granted, exercised, or canceled since its adoption[69]. Risks and Challenges - The group faces intensified competition from travel agencies, hotels, airlines, online travel platforms, and alternative booking channels[99]. - Changes in visa application policies by the Chinese and Japanese governments may adversely affect the group's business and revenue[97]. - Fluctuations in the Japanese yen exchange rate will impact the group's operational performance and financial condition[97]. - Natural disasters, terrorism, war, and outbreaks of infectious diseases could significantly affect consumer demand for travel services[99]. - The group is subject to risks related to potential non-compliance with applicable Chinese laws and regulations regarding its contractual arrangements[99]. Corporate Governance - The company has adhered to all applicable corporate governance codes, except for the separation of the roles of Chairman and CEO, which are held by the same individual[86]. - The group maintains a prudent treasury policy, with cash primarily held in current accounts, mostly denominated in RMB and HKD[80]. - The group did not declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[83].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 TU YI HOLDING COMPANY LIMITED 途 屹 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1701） 截至二零二三年六月三十日止六個月之中期業績公告 途屹控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬公司（統稱為「本集 團」）截至二零二三年六月三十日止六個月（「回顧期間」）之未經審核簡明綜合中期業績。 財務概要 截至六月三十日止六個月 二零二三年 二零二二年 同比變動 人民幣千元 人民幣千元 （%） ...

Financial Performance - The overall revenue for the year ended December 31, 2022, increased to approximately RMB 263 million, representing a growth of about 26.5% compared to the previous year[7]. - The net loss attributable to equity shareholders decreased from approximately RMB 406 million in 2021 to about RMB 185 million in 2022[7]. - The hotel business revenue significantly rebounded from approximately RMB 10 million in 2021 to around RMB 61 million in 2022, achieving a gross margin of 30%[8]. - The e-commerce platform's gross margin for the duty-free store business improved from about 16% in 2021 to approximately 27% in 2022, an increase of 11 percentage points[8]. - The duty-free shop business generated revenue of RMB 16,193 million, accounting for 61.6% of total revenue, with a gross margin of 27%, up from 16% in the previous year[13]. - For the year ended December 31, 2022, total revenue from travel group sales in Japan was RMB 2,891 million, with an average revenue per passenger of RMB 56,681, representing 11.0% of total revenue and a gross margin of 16%[11]. - The net income from local tours and free travel products in Japan was RMB 303 million, with an average revenue per passenger of RMB 985, accounting for 1.2% of total revenue and a gross margin of 100%[11]. - The hotel business in Japan saw revenue increase from approximately RMB 1.0 million in 2021 to about RMB 6.1 million in 2022, with a gross margin recovering to 30%[15]. Business Strategy and Future Plans - The company plans to focus on launching customized travel products and applying for financial licenses related to cross-border payment services in 2023[10]. - The management believes that the duty-free store business has the potential for further revenue and margin improvements in 2023 and beyond[10]. - The company aims to enhance its business relationships with suppliers and e-commerce companies through the provision of cross-border payment services[10]. - The hotel business is expected to achieve an occupancy rate of 80% by the end of 2023[8]. - The company has successfully launched two popular products under its HDT brand aimed at addressing aging issues[8]. Cost Management and Financial Health - Administrative and other expenses decreased by approximately RMB 21.5 million due to strict cost control measures implemented by the company[20]. - The company maintained a cautious approach to liquidity, with interest-bearing bank borrowings of approximately RMB 59.1 million as of December 31, 2022[21]. - The capital debt ratio remained stable at 26.7% as of December 31, 2022, compared to 20.0% a year earlier[34]. - Accounts receivable turnover days improved to 12 days from 24 days year-on-year[34]. - Accounts payable turnover days increased to 24 days from 16 days year-on-year[34]. Corporate Governance - The company has a strong commitment to corporate governance, adhering to all applicable provisions of the corporate governance code[58]. - The company has established various committees including audit, remuneration, and nomination committees to enhance governance[44]. - The management team has extensive experience across various sectors, including tourism, technology, and finance, ensuring diverse expertise[50][47]. - The company emphasizes transparency and accountability to all shareholders through effective internal control measures[58]. - The company has not appointed a CEO, which deviates from the corporate governance code C.2.1 that requires a clear division of responsibilities between the chairman and CEO[65]. - The board consists of four executive directors and four independent non-executive directors, providing a diverse range of industry and professional expertise[64]. - All directors have confirmed compliance with the standard code for securities trading as of December 31, 2022, and up to the date of the report[60]. - The board is responsible for overseeing the company's business, strategic decisions, and performance, ensuring decisions are made in the best interest of the company[61]. Risk Management and Internal Controls - The company has established a risk management and internal control system aimed at managing significant risks rather than eliminating them, with regular assessments and reporting to the board[111]. - An external professional firm is engaged to evaluate the effectiveness of the company's risk management and internal control systems, focusing on significant risks[113]. - The board and audit committee found no significant internal control deficiencies and will follow up on all recommendations made by the external consultant[116]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development as a key business objective, focusing on environmental, social, and governance (ESG) initiatives[139]. - The company aims to integrate corporate social responsibility into its business strategy and management practices[140]. - The board of directors is responsible for overseeing the company's ESG issues and ensuring alignment with strategic growth[142]. - The ESG working group is tasked with monitoring and evaluating the company's ESG performance and compliance with relevant laws[144]. - The total greenhouse gas emissions decreased from 191 tons CO2e in 2021 to 182 tons CO2e in 2022, with a direct emission reduction from 30 tons to 21 tons CO2e[164]. - The company maintained a greenhouse gas emission intensity of 2 tons CO2e per employee for both 2021 and 2022, with employee numbers slightly decreasing from 77 to 75[165]. - The company reported a significant increase in non-hazardous waste due to the opening of a hotel in Tokyo, highlighting a focus on waste management and recycling initiatives[169]. - The company has implemented measures to reduce carbon emissions by encouraging employees to use public transport and minimizing unnecessary travel[160]. Employee Engagement and Diversity - The company has increased employee engagement initiatives to maintain a diverse and vibrant work environment, supporting career development and well-being[190]. - The total number of employees decreased from 77 in 2021 to 75 in 2022, with a notable reduction in full-time employees from 75 to 69[191]. - The employee turnover rate improved significantly to approximately 3% in 2022, down from higher rates in 2021, particularly in Japan where it dropped from 135% to 0%[192]. - The company achieved a 100% training rate for employees in 2022, with a total training time of 1,014 hours, compared to 1,131 hours in 2021[200]. - The company emphasizes a non-discriminatory and diverse workplace, ensuring equal opportunities for all employees regardless of gender, ethnicity, or other factors[193].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 TU YI HOLDING COMPANY LIMITED 途 屹 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1701） 截至二零二二年十二月三十一日止年度之全年業績公告 途屹控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬公司（統稱為「本集 團」）截至二零二二年十二月三十一日止年度（「回顧年度」）之經審核綜合業績。 業績概要 截至十二月三十一日止年度 二零二二年 二零二一年 同比 人民幣千元 人民幣千元 變動(%) ...