Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue from continuing operations was approximately RMB 157.6 million, a significant decrease of about 61.6% compared to RMB 410.5 million in 2023[2] - The net loss attributable to the company's owners for 2024 was approximately RMB 23.2 million, a reduction from RMB 35.0 million in 2023[5] - The gross profit for continuing operations increased to RMB 48.4 million in 2024 from RMB 36.9 million in 2023, despite a decline in total sales volume due to a strategic shift towards higher-margin silver products[4] - The company reported a loss from discontinued operations of approximately RMB 44.6 million in 2024, compared to RMB 27.5 million in 2023, primarily due to significant impairment losses in the fresh food retail segment[3] - The group reported revenue from continuing operations of RMB 157,570,000 for the year ending December 31, 2024, a decrease of 61.7% compared to RMB 410,458,000 in 2023[19] - Total revenue for 2024 was RMB 157,570 thousand, a decrease of 61.7% compared to RMB 410,458 thousand in 2023[22] - The total loss attributable to the owners of the company for 2024 was RMB 26,891,000, compared to RMB 14,045,000 in 2023, representing an increase of 91.5%[36] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 1,558.9 million, slightly up from RMB 1,550.4 million in 2023[6] - The company's cash and cash equivalents increased to RMB 429.3 million in 2024 from RMB 419.5 million in 2023[6] - The inventory level remained relatively stable at RMB 973.5 million in 2024, compared to RMB 980.5 million in 2023[6] - The company's trade and other receivables decreased to RMB 93.2 million in 2024 from RMB 131.2 million in 2023[6] - The total assets classified as held for sale amounted to RMB 29,890,000, while the total liabilities related to these assets were RMB 97,732,000[38] - Non-current assets in mainland China decreased to RMB 15,672,000 in 2024 from RMB 11,020,000 in 2023[19] - The group’s non-current assets totaled RMB 16,207,000 in 2024, down from RMB 32,475,000 in 2023[19] Revenue Breakdown - Revenue from the sale of silver products was RMB 137,643,000 in 2024, up 32.1% from RMB 104,149,000 in 2023[20] - The group’s revenue from terminated operations in mainland China was RMB 2,667,000 in 2024, down 97.0% from RMB 90,074,000 in 2023[19] - Silver product sales accounted for 87.3% of total revenue in 2024, up from 25.4% in 2023, while gold product sales dropped to 9.9% from 73.3%[65] Operational Changes - The group has one operating segment focused on jewelry retail, with the fresh food retail segment ceasing operations as of December 31, 2024[17] - The group reduced the number of physical stores from 16 in 2023 to 7 in 2024, shifting sales focus to online channels and leveraging third-party platforms for marketing[53] - The group completed the sale of a 51% stake in Shenzhen Fresh Life Technology Co., Ltd. for RMB 300,000, with the transaction finalized on January 13, 2025[9] - The company completed the sale of its 51% stake in Shenzhen Fresh Life Manager for RMB 300,000 thousand, marking the termination of its fresh food retail business[34] Cost Management - The company’s total employee costs decreased to RMB 14,300 thousand in 2024 from RMB 17,454 thousand in 2023[26] - Sales and distribution expenses decreased by approximately 21.6% to about RMB 15.5 million for the year ending December 31, 2024, due to reduced spending on various promotional activities[69] - Administrative expenses decreased by approximately 14.8% from RMB 27.7 million for the year ended December 31, 2023, to about RMB 23.6 million for the year ending December 31, 2024, mainly due to cost control measures[70] Strategic Initiatives - The group completed the acquisition of a mining exploration license in Tibet in August 2024, marking a strategic shift towards becoming a gold resource company to capitalize on the rising gold market[52] - The company plans to continue its strategic focus on gold-related business operations and aims to enhance product development and channel expansion[63] - The company is optimistic about capitalizing on the current gold bull market, driven by factors such as central bank gold purchases and global economic vulnerabilities[60] - The company intends to change its name to Mount Everest Gold Group Company Limited to reflect its strategic shift and enhance brand recognition[63] Governance and Compliance - The board consists of three executive directors and three independent non-executive directors, adhering to corporate governance codes[89] - The company has complied with the standard code for securities trading by directors for the year ending December 31, 2024[91] - The audit committee reviewed the financial reporting process and confirmed compliance with applicable accounting standards and regulations[93] - The financial statements for the year ending December 31, 2024, were verified by the auditor and are consistent with the amounts approved by the board[94] Future Outlook - The group aims for strong business and profit growth in 2025 and beyond through a series of restructuring measures, including the sale of underperforming business segments[52] - The company signed an agreement to sell its entire 51% stake in the fresh food retail business, expecting to generate an estimated disposal gain of approximately RMB 40 million, to be recognized in the financial results for the year ending December 31, 2025[59] - The company has no significant capital commitments or major investments planned for the future, focusing instead on its core operations[85]

Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Insights - The company, formerly known as Jinmao Silver Cat, plans to rebrand as Everest Gold and has made significant breakthroughs in gold mining exploration [3]. - The company has divested its fresh food retail business and is transitioning its jewelry retail operations online, with online sales accounting for 55.6% of total sales as of the first half of 2024 [4]. - The company has acquired a 51% stake in Jiangxi Letong New Materials Co., which has shown promising exploration results in the San Nan mining area, indicating the potential for a large gold mine with an estimated inferred ore volume of approximately 2.1 million tons and an inferred metal quantity of about 5,800 kg [10]. Company Overview - The company primarily engages in retail jewelry and was listed on the Hong Kong Stock Exchange in 2018 after being spun off from China Silver Group [3]. - As of the latest data, the company's market capitalization is HKD 1.473 billion, with a share price of HKD 1.19 and a net asset value per share of HKD 1.07 [3]. Business Transition - The company has ceased expanding its offline stores post-pandemic and is focusing on enhancing its online sales channels through various digital marketing strategies, including social media and e-commerce platforms [4]. - The company’s sales composition has shifted significantly, with gold and silver sales accounting for approximately 97.6% of total sales as of the first half of 2024 [4].

Financial Performance - For the first half of 2024, the company reported a revenue of RMB 1,700 million, reflecting a 42.2% increase compared to the same period in 2023[3]. - The gross profit margin for the first half of 2024 was 55.6%, compared to 53.5% in the first half of 2023, indicating improved profitability[3]. - The group's revenue for the first half of 2024 was approximately RMB 100.8 million, a significant decrease of about 54.2% compared to RMB 220.0 million in the first half of 2023[14]. - Revenue for the six months ended June 30, 2024, was RMB 100,757,000, a decrease of 54.2% compared to RMB 219,973,000 for the same period in 2023[41]. - Gross profit increased to RMB 26,707,000, compared to RMB 13,205,000 in the previous year, reflecting a gross margin improvement[41]. - The total comprehensive loss for the period was RMB 14,625,000, down from RMB 20,363,000 in the same period last year, indicating a reduction in losses[42]. - The company reported a basic loss per share of RMB 0.01, compared to RMB 0.02 for the same period in 2023[42]. - The company recorded a loss attributable to owners of approximately RMB 11.0 million in the first half of 2024, reduced from RMB 15.0 million in the first half of 2023[23]. - The company reported a loss before tax of RMB 13,114,000, an improvement from a loss of RMB 20,905,000 in the same period last year, indicating a reduction in losses by approximately 37%[52][53]. Business Strategy and Diversification - The company is diversifying its business by entering the essential consumer goods fresh food sector to mitigate risks associated with the jewelry industry[8]. - The company is actively seeking new growth points in the jewelry retail business amidst a challenging economic environment in China[8]. - The company plans to pursue acquisitions of mines containing gold, silver, and other precious metals to create business synergies and long-term profit growth[8]. - The company is exploring suitable business opportunities within and outside the jewelry industry to diversify its business risks[8]. - The company has invested in Jiangsu Nongmuren E-commerce Co., Ltd. to expand its operations in the fresh food platform in China[6]. - The company has also invested in Jiangxi Letong New Materials Co., Ltd. to expand its mineral resource exploration business in China[6]. - The company has paused the aggressive expansion of its meat retail business to focus on developing new product lines and improving supply chain capabilities[13]. - The company is strategically adjusting its agricultural product retail business, focusing on more competitive categories and reducing marketing expenses to minimize losses[13]. Sales and Marketing - In the first half of 2024, gold and silver sales accounted for approximately 97.6% of the jewelry retail segment's total sales[9]. - The company has launched a new brand, SISI, focusing on lab-grown diamonds, which is expected to increase consumer awareness and market penetration in China[9]. - Online sales represent over 50% of the total sales in the jewelry retail segment, leveraging third-party platforms and new marketing strategies such as short video marketing and KOL collaborations[9][11]. - The SISI brand differentiates itself with a unique marketing approach, emphasizing emotional connections through various life scenarios, such as "love diamonds" and "friendship diamonds"[9]. - The company has become a core supplier for gold and silver jewelry on major television shopping channels, reaching over 100 million households daily in China[11]. - The jewelry retail segment generated revenue of RMB 141,867,000, while the fresh food retail segment contributed RMB 78,106,000 for the six months ended June 30, 2024[54]. Economic Environment - The overall consumer sentiment in China remains weak, impacting economic growth and consumer spending[8]. - The company is closely monitoring gold and silver price trends, influenced by geopolitical tensions and central bank purchases, to capitalize on growth opportunities in its core business[9]. Financial Position and Assets - Total assets as of June 30, 2024, were RMB 1,313 million, a slight decrease from RMB 1,355 million as of December 31, 2023[4]. - Total cash and bank balances were approximately RMB 431.5 million as of June 30, 2024, compared to RMB 419.5 million as of December 31, 2023[30]. - The total assets of the group as of June 30, 2024, amounted to RMB 1,599,404,000, with segment assets of RMB 1,518,656,000 in jewelry retail and RMB 43,586,000 in fresh food retail[55]. - Non-current assets totaled RMB 24,206,000 as of June 30, 2024, down from RMB 36,201,000 at the end of 2023[43]. - Current assets amounted to RMB 1,575,198,000, slightly up from RMB 1,550,360,000 at the end of 2023[43]. - Current liabilities increased to RMB 284,372,000 from RMB 255,747,000 at the end of 2023, indicating a rise in short-term obligations[43]. - Total equity decreased to RMB 1,312,685,000 from RMB 1,327,310,000 at the end of 2023, reflecting a decline in shareholder value[44]. Cash Flow and Financing - Operating cash flow for the period was RMB 22,418,000, a significant increase from RMB 3,416,000 in the previous year, reflecting improved cash generation capabilities[26]. - The net cash increase for cash and cash equivalents was RMB 11,956,000, compared to RMB 15,085,000 in the prior year, showing a decrease of about 20%[26]. - The company’s financing activities resulted in a net cash outflow of RMB 516,000, a significant decrease from a net inflow of RMB 13,432,000 in the previous year, indicating tighter financing conditions[26]. - The company’s total liabilities decreased, with bank borrowings of RMB 5,000,000 compared to RMB 89,000,000 in the previous year, indicating a reduction in reliance on debt financing[26]. - As of June 30, 2024, the group's bank borrowings amounted to approximately RMB 99.0 million, an increase from RMB 94.0 million as of December 31, 2023[24]. Governance and Compliance - Major shareholder China Silver Group holds 500,000,033 shares, representing 40.39% of the company's equity[35]. - Lin Ting holds 85,921,000 shares as a trustee, accounting for 6.94% of the company's equity[35]. - The company has maintained compliance with corporate governance codes, except for the separation of roles between the chairman and CEO[36]. - The audit committee, composed of three independent non-executive directors, has reviewed the financial reporting process for the first half of 2024[39]. - The remuneration committee, consisting of three independent non-executive directors, provides recommendations on the compensation of directors and senior management[40]. Inventory and Receivables Management - Inventory turnover days increased to approximately 2,417 days in H1 2024, up from 778 days in the previous year, primarily due to decreased sales in the jewelry retail segment[24]. - Trade receivables turnover days rose to about 104 days in H1 2024, compared to 28 days in the previous year, attributed to longer credit terms in the jewelry retail business[24]. - Trade payables turnover days increased to approximately 75 days in H1 2024, up from 25 days in the previous year, mainly due to longer repayment terms from suppliers in the jewelry retail segment[24]. - The company experienced a decrease in inventory by RMB 5,404,000, contrasting with an increase of RMB 41,695,000 in the previous year, indicating better inventory management[26]. - Trade receivables from customer contracts increased to RMB 83,036,000 as of June 30, 2024, up from RMB 79,282,000 as of December 31, 2023[67]. - The expected credit loss provision for trade receivables was RMB 25,622,000 as of June 30, 2024, compared to RMB 22,221,000 as of December 31, 2023[67]. Impairment and Losses - The company incurred an impairment loss of RMB 8,504,000 related to goodwill during the period[41]. - The group incurred a goodwill impairment loss of RMB 8,504,000 during the six months ended June 30, 2024[61]. - The company recognized an impairment loss of RMB 8,504,000 for the six months ended June 30, 2024, compared to RMB 12,476,000 as of December 31, 2023[64].

Financial Performance - For the first half of 2024, the company's revenue was approximately RMB 100.8 million, a significant decrease of about 54.2% compared to RMB 220.0 million in the same period of 2023[1] - The net loss attributable to the company's owners for the first half of 2024 was RMB 11.0 million, reduced from RMB 15.0 million in the same period of 2023[1] - The gross profit for the first half of 2024 was RMB 26.7 million, compared to RMB 13.2 million in the same period of 2023[3] - The company reported a basic loss per share of RMB 0.01 for the first half of 2024, compared to RMB 0.02 in the same period of 2023[3] - The company reported a segment loss of RMB 10,331 thousand for the six months ended June 30, 2024, compared to a loss of RMB 15,395 thousand for the same period in 2023, showing an improvement in performance[10] - The company recorded a total loss before tax of RMB 13,114 thousand for the six months ended June 30, 2024, compared to a loss of RMB 20,905 thousand in the same period of 2023, indicating a narrowing of losses[10] - The basic loss per share for the six months ended June 30, 2024, was RMB (0.0089), compared to RMB (0.0121) for the same period in 2023, reflecting an improvement in per-share performance[18] - The company recorded a loss attributable to shareholders of approximately RMB 11.0 million for the first half of 2024, a decrease from RMB 15.0 million in the same period of 2023[43] Segment Performance - The jewelry retail segment experienced a decline in gold product sales, but silver product sales increased, leading to a rise in gross profit for this segment[1] - The jewelry retail segment generated revenue of RMB 98,509 thousand, while the fresh food retail segment generated RMB 2,248 thousand, indicating a significant drop in fresh food sales compared to RMB 78,106 thousand in the previous year[11] - The fresh food retail segment saw a decrease in sales volume due to ongoing business restructuring of the "Farmers" S2B2C platform, resulting in an impairment loss of goodwill of approximately RMB 8.5 million[2] - The fresh food retail business experienced a drastic revenue decline of approximately 97.1% in the first half of 2024 compared to the same period in 2023[37] - The fresh food retail segment faced a decline in sales due to ongoing business restructuring of the "Agricultural and Pastoral" S2B2C platform, resulting in an impairment loss of goodwill of approximately RMB 8.5 million[43] Asset and Equity Position - Total assets as of June 30, 2024, were RMB 1,575.2 million, compared to RMB 1,550.4 million as of December 31, 2023[4] - The company's total equity as of June 30, 2024, was RMB 1,312.7 million, a slight decrease from RMB 1,327.3 million as of December 31, 2023[5] - Non-current assets decreased to RMB 24.2 million as of June 30, 2024, from RMB 36.2 million as of December 31, 2023[4] Credit and Receivables - The expected credit loss provision for trade and other receivables was approximately RMB 6.1 million in the first half of 2024, compared to RMB 1.4 million in the same period of 2023[2] - The company reported a net impairment loss provision of RMB 6,063,000 for expected credit losses, significantly higher than RMB 1,424,000 in the previous period[23] - Trade receivables from customer contracts increased to RMB 83,036,000 as of June 30, 2024, compared to RMB 79,282,000 as of December 31, 2023, with expected credit loss provisions rising from RMB 22,221,000 to RMB 25,622,000[21] - The aging analysis of trade receivables shows that amounts overdue by more than 90 days increased to RMB 6,572,000 as of June 30, 2024, compared to RMB 4,923,000 as of December 31, 2023[22] Operational Strategy - All revenue for the periods reported was generated in China, indicating a focused operational strategy within the domestic market[12] - The company is adjusting its offline retail strategy and is not expanding existing stores due to the new business layout[30] - The company has launched a new brand, SISI, focusing on lab-grown diamonds, which is expected to expand market presence as consumer awareness increases[29] - Online sales accounted for over 50% of the total sales in the new retail business segment, leveraging third-party platforms and social media marketing[29] - The company has established 10 CSmall experience stores across six provinces and municipalities in China as of June 30, 2024[30] Cost Management - The cost of goods sold for the period was RMB 74,050 thousand, down from RMB 206,768 thousand in the previous year, reflecting a reduction in operational costs[16] - Selling and distribution expenses decreased by about 23.2% to approximately RMB 12.4 million in the first half of 2024 from RMB 16.1 million in the same period last year[40] - Administrative expenses were reduced by approximately 26.1% to about RMB 10.7 million in the first half of 2024 from RMB 14.5 million in the first half of 2023[41] - The cost of sales and services decreased by approximately 64.2% from about RMB 206.8 million in the first half of 2023 to about RMB 74.1 million in the first half of 2024[38] Future Outlook - The management estimated a future cash flow growth rate of 59.7% over a 7.5-year period, down from 70.1% over an 8-year period as of December 31, 2023[20] - The company has set a long-term growth rate assumption of 2.0% for cash flows beyond the forecast period[20] - The management believes that cash flow forecasts are appropriate as they cover the early development stage of the fresh food retail segment, which is expected to have high revenue growth rates[20] Compliance and Governance - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the first half of 2024[58] - The audit committee reviewed the financial reporting process and risk management for the group, affirming that the unaudited condensed consolidated financial statements for the first half of 2024 were prepared in accordance with applicable accounting standards[60]

Financial Performance - In 2023, the company's revenue was RMB 1,249 million, a significant increase of 86.1% in gold sales compared to the previous year, driven by a surge in gold prices[24]. - The group’s revenue for the year ended December 31, 2023, was approximately RMB 500.5 million, a significant decrease of about 72.0% compared to RMB 1,790.3 million in 2022, primarily due to the "Agricultural and Pastoral" S2B2C platform still being in the consolidation phase[51]. - Online sales channels recorded sales of approximately RMB 358.5 million, an increase of about 44.1% from RMB 248.7 million in 2022, driven by the acceleration of online sales due to the COVID-19 pandemic[55]. - Offline retail and experience network achieved sales of approximately RMB 52.0 million, a growth of about 63.6% compared to RMB 31.8 million in 2022, mainly due to increased sales of gold products in the Shenzhen jewelry showroom[56]. - The fresh food retail business reported sales of approximately RMB 90.1 million, a drastic decline of about 94.0% from RMB 1,509.8 million in 2022, attributed to the consolidation phase of the S2B2C platform and a decrease in pig prices[57]. - Gross profit for the year was approximately RMB 37.4 million, a decrease of about 28.6% from RMB 52.4 million in 2022, while the overall gross margin increased from about 2.9% to approximately 7.5%[59]. - The company recorded a loss attributable to owners of approximately RMB 35.0 million for the year ended December 31, 2023, compared to RMB 25.6 million in 2022, primarily due to lower gross margins from gold product sales and reduced sales in the fresh food retail segment[65]. Business Strategy and Diversification - The company is diversifying its business by entering the essential consumer goods sector, particularly in fresh food retail[23]. - The company has launched a new brand, SISI, focusing on lab-grown diamonds, which is expected to gain significant market traction in the coming years[26]. - The company plans to enhance its marketing and product design for the SISI brand, targeting younger consumers who prioritize sustainability[26]. - The company has shifted its strategy from rapid expansion in the pork market to focusing on more competitive categories like beef and lamb, establishing new business lines such as "Beef Cabinet" and "Lamb Cabinet"[44]. - The company is exploring suitable business opportunities within and outside the jewelry industry to mitigate commercial risks[23]. - The company plans to strengthen product innovation and expand its new retail jewelry business, aiming to establish SISI as the "first brand of DNA-cultivated diamonds" while deepening its market presence across various sectors[49]. Marketing and Sales Channels - The jewelry new retail business accounted for approximately 80.9% of total sales, with online sales channels contributing 13.9% and offline retail networks 71.6%[9]. - The online sales channels have been enhanced through partnerships with major platforms like JD.com, Tmall, and Douyin, significantly increasing brand awareness among over 100 million households daily[35]. - The new SISI brand emphasizes a unique marketing approach with a focus on emotional connections, targeting various life scenarios with customized diamond products[30]. - The company plans to leverage high-margin cultivated diamonds by sharing profits with channel partners, allowing for rapid channel expansion with low operational costs[30]. Financial Position and Assets - Total assets decreased to RMB 1,511 million in 2023 from RMB 1,587 million in 2022[11]. - The net assets of the company were RMB 1,397 million in 2023, showing a slight recovery from RMB 1,327 million in 2022[13]. - Bank borrowings as of December 31, 2023, amounted to approximately RMB 94.0 million, an increase from RMB 84.1 million in 2022, with RMB 14.0 million at fixed rates and RMB 80.0 million at floating rates[68]. - The company maintained a net cash position with a net asset liability ratio of approximately -24.4% as of December 31, 2023, compared to -28.4% in 2022[68]. Governance and Corporate Structure - The company has maintained a strong commitment to corporate governance, ensuring compliance with industry standards and regulations[94]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced and independent decision-making process[104]. - The board is responsible for overseeing the implementation of strategies and plans adopted by the company, ensuring effective corporate governance[105]. - The company has adopted a transparent process for the appointment and re-election of directors, ensuring shareholder involvement[112]. - The board has adopted a diversity policy aiming for at least one female member by December 31, 2024[116][117]. - The audit committee, consisting of three independent non-executive directors, held three meetings during the year ending December 31, 2023[131][136]. Risk Management and Compliance - The company is committed to addressing any deficiencies in risk management and internal controls to maintain an effective internal control system[146]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems annually, ensuring they are adequate to manage risks associated with achieving business objectives[148]. - The company has established a risk management team to assist the board in monitoring the effectiveness of risk management and internal control systems, conducting annual risk assessments and reporting[144]. - The company confirmed that there are no significant uncertainties related to events that may cast doubt on its ability to continue as a going concern[140]. Employee and Stakeholder Relations - Employees are considered the most important asset of the group, with a focus on providing competitive compensation and performance evaluation systems to reward outstanding employees[196]. - The company recognizes the importance of stakeholder support, including employees, customers, suppliers, and shareholders[195]. - The company has established channels for ongoing dialogue with shareholders to gather their opinions and feedback[177]. Future Outlook - The company remains optimistic about the future market, particularly in gold and silver prices, which are expected to rise due to the Federal Reserve's loose monetary policy[49]. - The company provided guidance for the next fiscal year, projecting revenue growth of A% and an expected total revenue of $B million[86].

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 500.5 million, a significant decrease of about 72.0% compared to RMB 1,790.3 million in 2022[16] - The loss attributable to the owners of the company for 2023 was approximately RMB 35.0 million, compared to a loss of RMB 25.6 million in 2022[16] - The gross profit for the year was RMB 37.4 million, down from RMB 52.4 million in 2022[17] - The overall loss before tax for the year was RMB 48,211 thousand, with segment losses of RMB 34,780 thousand attributed to jewelry and fresh food segments[27] - The company reported a net loss of RMB 7,281 thousand in 2023, compared to a net loss of RMB 2,389 thousand in 2022, indicating a worsening of approximately 205%[93] - The company reported a loss attributable to shareholders of approximately RMB 35.0 million for the year, an increase from RMB 25.6 million in 2022, mainly due to the underperformance of the fresh food retail business[157] Segment Performance - The jewelry new retail segment recorded a loss of approximately RMB 7.8 million in 2023, an improvement from a loss of RMB 9.1 million in 2022, despite an increase in sales volume[16] - The fresh food retail segment incurred a loss of approximately RMB 26.9 million in 2023, compared to a loss of RMB 18.1 million in 2022, primarily due to lower sales volume and reduced trading activity[16] - The fresh food retail segment reported a loss of RMB 26,943 thousand, indicating challenges in this area[27] - The sales of fresh food retail business amounted to RMB 90,074 thousand in 2023, a significant decrease from RMB 1,509,807 thousand in 2022, representing a decline of approximately 94%[88] - The fresh food retail business recorded revenue of RMB 90.1 million, representing only 18.0% of total revenue in 2023, a drastic decline from 84.3% in 2022[120] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,330.8 million as of December 31, 2023, compared to RMB 1,379.2 million in 2022[4] - The company's cash and bank balances were RMB 419.5 million at the end of 2023, down from RMB 475.2 million in 2022[4] - The total non-current assets decreased from RMB 40.2 million in 2022 to RMB 36.2 million in 2023[4] - The total liabilities for the group were RMB 256,311 thousand, with jewelry segment liabilities at RMB 171,254 thousand[38] - Non-current liabilities totaled RMB 3,504 thousand, with deferred tax liabilities and lease liabilities contributing RMB 1,355 thousand and RMB 2,149 thousand respectively[19] Operational Strategy - The company is focusing on optimizing its cooperative store network and adjusting business strategies in the fresh food retail segment[16] - The company plans to continue expanding its market presence and developing new products in the jewelry and fresh food sectors[26] - The company has shifted its strategy from store expansion to enhancing supply chain management, aiming to improve control over upstream price indices and quality systems[145] - The company has implemented a refined operational model to reduce losses and improve efficiency, including tiered management of existing stores and adjustments to marketing strategies[116] - The company has shifted its focus from rapid expansion in the pork market to developing more competitive categories such as beef and lamb, establishing new business lines like "Beef Master" and "Lamb Master"[116] Sales and Marketing - Online sales channels contributed RMB 358,471 thousand in 2023, up from RMB 248,731 thousand in 2022, indicating a growth of about 44%[67] - Online sales channels contributed RMB 358.5 million, accounting for 71.6% of total revenue in 2023, compared to only 13.9% in 2022[120] - The company has shifted its marketing strategy to include short video marketing and KOL collaborations as standard practices for brand promotion[113] - The company has partnered with major third-party platforms, including JD.com, Tmall, and Douyin, to enhance online sales operations and brand exposure[139] Corporate Governance - The board of directors consists of two executive directors and three independent non-executive directors, adhering to high standards of corporate governance[200] - The company has complied with the corporate governance code provisions, except for provision C.2.1, which states that the roles of chairman and CEO should be separate[200] Future Outlook - The company is optimistic about the future market, benefiting from the comprehensive reopening of consumption scenarios and the new business layout[146] - The company has identified significant growth potential in the cultivated diamond industry, which is still in its early stages in China, with expectations of increased consumer awareness in the coming years[109] - The company aims to diversify its business by entering the essential consumer goods sector, particularly in the fresh produce industry, to mitigate risks in the jewelry sector[108]

智通财经APP讯，金猫银猫(01815)发布公告，与2022年财政年度的公司拥有人应占净亏损约人民币2560万元相比，集团预期于截至2023年12月31日止年度取得的公司拥有人应占净亏损为人民币2500万元至人民币4000万元。 出现持续亏损乃主要由于以下因素：就集团珠宝新零售业务分部而言，虽然2023年财政年度的销售额与2022年财政年度相比有所上升，但该等上升主要由于黄金产品销售额有所增长，而黄金产品毛利率比其他珠宝产品低，以致该分部整体毛利率下降，并导致2023年财政年度取得分部亏损;及就集团生鲜食品零售业务分部而言，“农牧人”S2B2C平台仍处于巩固阶段，重点放在优化合作经营店铺网络、丰富产品种类并调整业务策略。此外，中国内地生猪价格于2023年财政年度大致上比2022年财政年度为低，导致掌柜交易意欲降低，从而降低生猪交易量。上述原因导致2023年财政年度的销售额显著低于2022年财政年度，而销售成本及其他相关成本和开支亦相应显著下降。总体而言，鉴于其发展现状，该分部于2023年财政年度尚未开始产生净利润。 ...

Financial Performance - For the six months ended June 30, 2023, total revenue was RMB 219,973,000, a significant decrease from RMB 838,314,000 for the same period in 2022, representing a decline of approximately 73.8%[5]. - The jewelry retail business generated revenue of RMB 141,867,000, while the fresh food retail business contributed RMB 78,106,000, indicating a decline of 16.5% and 88.5% respectively compared to the previous year[6][15]. - The group reported a loss before tax of RMB 20,905,000 for the six months ended June 30, 2023, compared to a loss of RMB 16,639,000 in the same period of 2022[5][7]. - The fresh food retail business's sales of fresh food were RMB 78,106,000, a drastic decline from RMB 677,337,000 in the prior year[15]. - The company reported a total comprehensive loss of RMB 10,341,000 for the six months ended June 30, 2023[62]. - The net loss for the period was RMB 20,363,000, compared to a net loss of RMB 16,646,000 in the previous year, reflecting an increase in losses of approximately 22%[76]. - The company incurred financing costs of RMB 3,461,000, significantly higher than RMB 1,070,000 in the prior year, marking an increase of about 223%[76]. - The company’s basic loss per share for the period was RMB 0.02, compared to RMB 0.01 in the same period last year[76]. - The company reported a pre-tax loss of RMB 20,905,000 for the six months ended June 30, 2023, compared to a pre-tax loss of RMB 16,639,000 for the same period in 2022[70]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 1,614,768,000, with the jewelry retail segment accounting for RMB 1,537,927,000[9]. - The total bank borrowings as of June 30, 2023, were RMB 99,000,000, slightly down from RMB 100,620,000 as of December 31, 2022[46]. - Current liabilities increased to RMB 1,659,312,000 from RMB 1,591,892,000, indicating a rise of approximately 4%[79]. - The company’s retained earnings decreased to RMB 143,743,000 as of June 30, 2023, from RMB 184,394,000 as of December 31, 2022[63]. - Trade payables increased to RMB 46,278,000 as of June 30, 2023, compared to RMB 32,760,000 at the end of 2022, reflecting a rise in operational liabilities[43]. - The net asset liability ratio was approximately -28.9% as of June 30, 2023, compared to -28.4% at the end of 2022, indicating a stable net cash position[186]. Cash Flow - The cash and cash equivalents as of June 30, 2023, were RMB 490,299,000, compared to RMB 379,432,000 as of June 30, 2022, reflecting a 29.3% increase[70]. - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 3,416,000, a decrease of 80.5% from RMB 17,484,000 in the same period of 2022[70]. - The financing activities generated a net cash inflow of RMB 13,432,000 for the six months ended June 30, 2023, a significant decrease from RMB 82,635,000 in the same period of 2022[70]. Business Operations - The company closed 4 stores during the first half of 2023, resulting in a total of 16 franchised CSmall experience stores across 8 provinces and municipalities in China[138]. - The company plans to diversify its business by entering the essential consumer goods fresh food sector while seeking new growth points in the jewelry retail business[130]. - The company is focusing on enhancing its supply chain capabilities and establishing traceability across the entire industry chain to provide stable supply chain support for its agricultural business[142]. - The fresh food retail segment is focusing on new business lines such as "Beef Master" and "Mutton Master," with a strategic shift towards cost reduction and efficiency improvement[170]. - The company is optimistic about future returns for shareholders and continues to explore suitable business opportunities within and outside the jewelry industry to mitigate commercial risks[148]. Market and Sales Strategy - The jewelry retail business saw online sales channels contributing 53.5% and offline retail and experience networks contributing 35.5% to total revenue in the first half of 2023[109]. - The company has established partnerships with major third-party online sales platforms, including JD.com, Tmall, and Douyin, to enhance brand exposure and sales performance[136]. - The company is leveraging online new media for brand promotion and recruiting city agents to expand sales channels, targeting pet stores, confinement centers, and beauty salons[131]. - The company has been actively involved in the development of its online business since its establishment, with significant milestones achieved in e-commerce and mobile applications[112]. - The SISI brand has transitioned to a new business focusing on lab-grown diamonds, with significant investments in brand planning, marketing, and product design[160]. Future Outlook - The company anticipates a recovery in the retail sector, driven by the full reopening of consumer scenarios and the new business layout established in the first half of the year[173]. - The global production of lab-grown diamonds is expected to reach 25 million carats by 2025, indicating a growing market potential[173]. - The company plans to gradually expand its sales market for rubies, considering their scarcity and value retention properties[117].

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 部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 CSMall Group Limited 金 貓 銀 貓 集 團 有 限 公司 （於開曼群島註冊成立的有限公司） 1815 （股份代號： ） 截至二零二三年六月三十日止六個月之 中期業績公告 二零二三年中期業績摘要 220.0 本集團二零二三年上半年的收入約為人民幣 百萬元（二零二二年上半年：人 838.3 73.8% 民幣 百萬元），較二零二二年上半年大幅減少約 。 15.0 二零二三年上半年，本公司擁有人應佔虧損為約人民幣 百萬元（二零二二年上 10.3 半年：人民幣 百萬元）。同比增長乃主要由於以下因素： (i) 就本集團珠寶新零售業務分部而言，國內經濟復甦慢於預期導致消費意欲持 續疲弱，使得二零二三年上半年的銷售額保持低位，但仍產生行政開支等相 對不受銷售額影響的固定成本，因此該分部於二零二三年上半年錄得淨虧 ...

Financial Performance - In 2022, the company achieved a revenue of approximately RMB 1,790.3 million, a significant increase of about RMB 1,426.1 million compared to RMB 364.2 million in 2021, marking a growth of over 392%[25] - The jewelry retail segment experienced a revenue decline of approximately 23% due to the impact of COVID-19, leading to a net loss attributable to shareholders of about RMB 25.6 million in 2022, compared to a profit of RMB 0.1 million in 2021[25] - The company recorded a net asset value of RMB 1,376 million in 2022, a slight decrease from RMB 1,397 million in 2021[12] - The company's revenue for the year ended December 31, 2022, was approximately RMB 1,790.3 million, a significant increase of about 391.6% compared to RMB 364.2 million in 2021, primarily due to the contribution from the newly acquired fresh food retail business[57] - The gross profit for the year was approximately RMB 52.4 million, a decrease of about 17.0% from RMB 63.1 million in 2021, with the overall gross margin dropping from approximately 17.3% to 2.9% due to the lower profit margins of the new fresh food retail business[64] - The company recorded a loss attributable to owners of approximately RMB 25.6 million for the year ended December 31, 2022, compared to a profit of RMB 0.1 million in 2021, primarily due to decreased sales in the jewelry retail segment and the ongoing impact of weakened consumer sentiment in China[70] Business Strategy and Expansion - The fresh food retail business was introduced as a diversification strategy, contributing positively to revenue growth during its initial phase[25] - The company opened 4 new stores and closed 20 stores in 2022, resulting in a total of 22 stores, reflecting a cautious approach to expansion amid pandemic challenges[27] - The company has invested in Jiangsu Nongmuren E-commerce Co., Ltd. to expand its business into the S2B2C agricultural product platform[16] - The company invested in Jiangsu Nongmuren E-commerce Co., Ltd., expanding its business from jewelry retail to essential goods retail, contributing to a significant revenue stream in 2022[41] - The "Meat Cabinet" platform under Jiangsu Nongmuren generated approximately RMB 1,509.8 million in revenue in 2022, accounting for about 84.3% of the company's total revenue for the year[45] - The company plans to launch new fresh product platforms such as "Beef Cabinet," "Lamb Cabinet," and "Fish Cabinet" in 2023, aiming to replicate the successful business model established with the "Meat Cabinet"[49] - The company is focusing on the pet market, with the SISI brand launching pet DNA diamonds, targeting the growing pet ownership in China, which has over 110 million registered pets[57] - The company is exploring suitable business opportunities within and outside the jewelry industry to diversify its business and mitigate risks[53] Online Sales and Marketing - Online sales channels have been enhanced through third-party platforms, although logistics disruptions due to pandemic measures have impacted operations[27] - The company has paused operations of its self-operated online platform while focusing on third-party online sales channels[28] - The company leveraged third-party online sales channels, collaborating with platforms like JD.com, Tmall, and Douyin, achieving significant sales performance with daily reach exceeding 100 million households in China[31] - Online sales channels recorded sales of approximately RMB 248.7 million, representing a growth of about 8.9% from RMB 228.5 million in 2021, attributed to collaborations with top live-streaming influencers[60] Corporate Governance - The company has adhered to the corporate governance code, except for the provision C.2.1, which states that the roles of chairman and CEO should be separated[103] - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced composition for effective decision-making[108] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[105] - The board aims to achieve gender diversity by ensuring at least one female member by December 31, 2024[125] - The nomination committee is actively selecting suitable female candidates for board membership based on objective criteria[139] - The board has adopted a diversity policy to ensure a balanced mix of skills, experience, and perspectives[122] - The company is committed to promoting gender diversity not only at the board and senior management levels but across all employees[138] Risk Management and Internal Control - The company has established a Risk Management Committee to oversee risk management and internal control systems, ensuring compliance with corporate governance codes[152] - The internal audit department conducted an independent audit of the risk management and internal control systems, providing recommendations for improvements[153] - The company has committed to maintaining an effective internal control system and addressing any identified deficiencies promptly[154] - The board reviews the effectiveness of the risk management and internal control systems annually, aiming to manage risks associated with achieving business objectives[156] Employee and Stakeholder Relations - The company recognizes the importance of employee development through competitive compensation and performance evaluation systems[197] - The company emphasizes the importance of stakeholder relationships, including employees, customers, suppliers, and shareholders[196] - The total employee cost for the year ended December 31, 2022, was approximately RMB 31.5 million, up from RMB 21.0 million in 2021, primarily due to contributions from the new fresh food retail business[80] Financial Management - The company maintained a strong liquidity position, with cash and cash equivalents amounting to approximately RMB 475.2 million as of December 31, 2022, compared to RMB 312.6 million in 2021[81] - The company had bank borrowings of approximately RMB 84.1 million as of December 31, 2022, compared to zero in 2021, with a net debt-to-equity ratio of approximately -28.4%[74] - Capital expenditures for the year ended December 31, 2022, were approximately RMB 0.8 million, significantly lower than RMB 14.7 million in 2021[75] Audit and Compliance - The Audit Committee consists of three independent non-executive directors, with a meeting attendance rate of 100% for all members[144] - The total fees paid for audit services amounted to RMB 989,000, while non-audit services totaled RMB 288,000, including RMB 215,000 for interim performance review[146] - The Audit Committee held three meetings during the year ended December 31, 2022, to review financial reports and discuss significant matters with external auditors[144] - The company has appointed a new external auditor effective January 19, 2023, following the resignation of the previous auditor[146] Environmental and Social Responsibility - The management has established an environmental management policy to ensure compliance with applicable environmental laws and regulations[193] - The company has implemented anti-corruption and anti-bribery policies to prevent internal misconduct, with an open reporting channel for employees and stakeholders[161]