EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會包括八名董事。執行董事為黃達堂先生、樊綺敏女士及金振邦先生。非執行董事為楊寶茵女士及何鴻瑋先 生。獨立非執行董事為鄧貴彰先生、王文輝先生及陸恭正先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 公告全部或任何部份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。 | 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，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | Tsit Wing International Holdings Limited 捷榮國際控股有限公司* | | 股份代號 | 02119 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月14日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性 ...

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 產生或因依賴該等內容而引致的任何損失承擔任何責任。 TSIT WING INTERNATIONAL HOLDINGS LIMITED 捷榮國際控股有限公 司* （根據百慕達法例註冊成立的有限公司） （股份代號：2119） 截至2025年6月30日止六個月的 中期業績公告 財務摘要 * 僅供識別 – 1 – • 截至2025年6月30日止六個月的收入為380.4百萬港元，較2024年同期的349.4百萬 港元增加8.9%。 • 截至2025年6月30日止六個月的毛利為115.9百萬港元，較2024年同期的124.8百萬 港元減少7.1%。 • 毛利率由截至2024年6月30日止六個月的35.7%減少至截至2025年6月30日止六個 月的30.5%。 • 截至2025年6月30日止六個月的溢利為24.9百萬港元，較2024年同期的36.1百萬港 元減少31.0%。 • 純利率由截至2024年6月30日止六個月的10.3%減少至截至2025年6月30日止六個 月 ...

格隆汇8月4日丨捷荣国际控股(02119.HK)宣布，公司谨订于2025年8月14日（星期四）举行董事会会 议，旨在（其中包括）考虑及批准集团截至2025年6月30日止六个月的未经审核简明综合财务业绩以供 发布及考虑宣派中期股息（如有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份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。 TSIT WING INTERNATIONAL HOLDINGS LIMITED 捷榮國際控股有限公司* 於本公告日期，董事會包括八名董事。公司執行董事為黃達堂先生、樊綺敏女士及 金振邦先生。公司非執行董事為楊寶茵女士及何鴻瑋先生。公司獨立非執行董事為 鄧貴彰先生、王文輝先生及陸恭正先生。 * 僅供識別 （根據百慕達法例註冊成立的有限公司） （股份代號：2119） 董事會會議召開日期 捷榮國際控股有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事會」）特此宣 佈，本公司謹訂於二零二五年八月十四日（星期四）舉行董事會會議，旨在（其中包 括）考慮及批准本集團截至二零二五年六月三十日止六個月之未經審核簡明綜合財 務業績以供發佈及考慮宣派中期股息（如有）。 承董事會命 捷榮國際控股有限公司 執行董事兼公司秘書 樊綺敏女士 香港，二零二五年八月四日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: Tsit Wing International Holdings Limited 捷榮國際控股有限公司* 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02119 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HK ...

Core Viewpoint - The company expects a decrease of approximately 30% to 35% in profit attributable to the owners of the parent company for the six months ending June 30, 2025, compared to the same period in 2024 [1] Group 1 - The anticipated profit decline is primarily due to the absence of one-time gains from asset sales during the reporting period, whereas the same period in 2024 recorded a gain of approximately HKD 12.4 million from asset sales [1] - Another contributing factor to the profit decrease is the reduction in gross profit margin, attributed to increased procurement costs resulting from rising coffee bean commodity prices [1]

Financial Performance - The financial year ended 31 December 2024, with the annual report presented to shareholders[17] - The company reported a consolidated profit of HK$XX million, representing a YY% increase compared to the previous year[9] - For the year ended December 31, 2024, the Group's total revenue was HK$721.1 million, a decrease of HK$7.8 million or 1.1% compared to HK$728.9 million for the year ended December 31, 2023[49] - Gross profit for the year ended December 31, 2024, was HK$246.0 million, an increase of HK$5.4 million or 2.2% from HK$240.6 million for the year ended December 31, 2023[51] - The Group's profit for the year increased by HK$10.4 million, or 21.4%, from HK$48.7 million for the year ended 31 December 2023 to HK$59.1 million for the year ended 31 December 2024[63] - The Group's net profit margin increased from 6.7% for the year ended 31 December 2023 to 8.2% for the year ended 31 December 2024[68] Revenue Breakdown - Revenue generated in Hong Kong increased by HK$11.4 million, or 2.3%, from HK$492.3 million in 2023 to HK$503.7 million in 2024[34] - Revenue generated in Mainland China decreased by HK$18.8 million, or 8.6%, from HK$219.3 million in 2023 to HK$200.5 million in 2024[35] - Revenue from other markets slightly decreased by HK$0.4 million, or 2.3%, from HK$17.3 million in 2023 to HK$16.9 million in 2024[36] - Revenue from Hong Kong increased by HK$11.4 million or 2.3% to HK$503.7 million for the year ended December 31, 2024, driven by higher sales of coffee, tea, and dairy products[38] - Revenue from Mainland China decreased by HK$18.8 million or 8.6% to HK$200.5 million for the year ended December 31, 2024, primarily due to reduced sales of tea and instant products[39] Cost Management - The Group's cost of sales decreased by HK$13.2 million or 2.7% to HK$475.2 million for the year ended December 31, 2024, attributed to lower procurement costs of various raw materials[50] - General and administrative expenses increased by HK$1.5 million or 1.9% to HK$80.8 million for the year ended December 31, 2024, primarily due to higher staff costs[59] - Financing costs increased by HK$0.8 million or 80.0% to HK$1.8 million for the year ended December 31, 2024, mainly due to increased lease liabilities[66] - Tax expenses increased by HK$4.7 million or 45.6% to HK$15.0 million for the year ended December 31, 2024, resulting in an effective tax rate increase from 17.5% to 20.2%[67] Strategic Initiatives - The company anticipates a revenue growth of BB% for the upcoming financial year, driven by new product launches and market expansion[9] - Research and development efforts have led to the introduction of CC new products, enhancing the company's competitive edge[9] - The company is exploring strategic acquisitions to bolster its market presence and diversify its product offerings[9] - The Group plans to strengthen its cost management framework while maximizing the operational benefits of the new coffee production line[24] - The Group will focus on optimizing production capabilities, enhancing operational efficiency, and exploring growth opportunities in Hong Kong and Mainland China[44] Market Conditions - Coffee bean prices increased from US$1.90 per lb to US$3.20 per lb, representing a 68% rise during 2024[18] - The Group anticipates significant challenges in 2025 due to high global coffee commodity prices and market volatility, requiring careful navigation of the business landscape[42] - The Hong Kong food service market experienced a marginal decline of approximately 0.1% in overall sales, yet the Group maintained its leading position in the B2B coffee market[30] - The group adopted a prudent approach to market expansion in the PRC, focusing on enhanced credit risk management and strict oversight of accounts receivable[31] Governance and Management - The company emphasizes high standards of corporate governance, focusing on transparency, independence, accountability, and fairness[129] - The company recognizes the importance of integrity and ethical conduct, which are essential for long-term growth and sustainability[130] - The Board comprises eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[144] - The Company has mechanisms in place for Directors to seek independent professional advice at the Company's expense to ensure they can fulfill their duties[165] - The Company has established effective mechanisms to ensure independent views and input are available to the Board[149] Board Diversity and Composition - Independent non-executive directors represent 37.5% of the Board, exceeding the Listing Rules requirement of one-third[146] - The Board has adopted a Board Diversity Policy, reviewed annually, to enhance diversity in terms of gender, age, cultural background, and professional experience[151] - The Board's diversity policy, adopted in May 2018, emphasizes the importance of various factors such as gender, culture, and professional experience in board composition[156] - As of December 31, 2024, the gender ratio in the workforce is 59% male and 41% female, indicating a balanced gender diversity within the Group[160] Committees and Meetings - The Company has established a Remuneration Committee, an Audit Committee, and a Nomination Committee, with specific terms of reference for each[167] - The Audit Committee met three times in-person during the financial year 2024, with attendance records also available in the Annual Report[186] - The Remuneration Committee reviewed the remuneration policies, including KPI Policy, Performance Management Policy, Salary Review Policy, and Annual Performance Policy for the financial year 2024[180] - The Nomination Committee held one in-person meeting during the financial year of 2024[199] - The Committee is responsible for identifying measurable objectives for achieving board diversity and monitoring progress[197]

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 721.1 million, a decrease of 1.1% compared to HKD 728.9 million for the year ended December 31, 2023[4] - Gross profit for the year ended December 31, 2024, was HKD 246.0 million, an increase of 2.2% from HKD 240.6 million for the year ended December 31, 2023[4] - Profit for the year ended December 31, 2024, was HKD 59.1 million, representing a 21.4% increase from HKD 48.7 million for the year ended December 31, 2023[4] - Total customer contract revenue for 2024 was HKD 721,117,000, a decrease of 1.5% from HKD 728,930,000 in 2023[23] - Revenue from Hong Kong increased to HKD 503,715,000 in 2024, up 2.9% from HKD 492,303,000 in 2023[19] - Revenue from Mainland China decreased to HKD 200,455,000 in 2024, down 8.6% from HKD 219,344,000 in 2023[19] - Overall group revenue decreased by HKD 7.8 million or 1.1% to HKD 721.1 million for the year ending December 31, 2024, mainly due to reduced demand in mainland China[55] Profitability Metrics - Gross margin improved from 33.0% for the year ended December 31, 2023, to 34.1% for the year ended December 31, 2024[4] - Net profit margin increased from 6.7% for the year ended December 31, 2023, to 8.2% for the year ended December 31, 2024[4] - Other income and net gains increased by HKD 11.4 million to HKD 17.3 million, primarily due to gains from the sale of assets[59] - The total tax expense for the year was HKD 14,950,000, an increase from HKD 10,287,000 in 2023[28] Assets and Liabilities - Non-current assets as of December 31, 2024, totaled HKD 227.5 million, an increase from HKD 217.7 million as of December 31, 2023[9] - Current assets decreased from HKD 517.5 million as of December 31, 2023, to HKD 452.7 million as of December 31, 2024[9] - Total liabilities increased from HKD 125.9 million as of December 31, 2023, to HKD 144.7 million as of December 31, 2024[10] - Equity attributable to owners of the parent decreased from HKD 590.4 million as of December 31, 2023, to HKD 509.7 million as of December 31, 2024[10] Cash Flow and Capital Expenditure - The group acquired property, plant, and equipment amounting to HKD 24,885,000 in 2024, down from HKD 30,839,000 in 2023[34] - Capital expenditure for the year was HKD 24.9 million, with significant investments in coffee and tea machines, production machinery, and facility upgrades[67] Dividends - The proposed final dividend for 2024 is HKD 2.16 per share, compared to HKD 2.22 per share in 2023, totaling HKD 15,563,000[30] - The special dividend for 2023 was HKD 13.87 per share, totaling HKD 100,000,000, which will not be paid in 2024[30] Employee and Operational Metrics - The group employed 198 staff in Hong Kong and 176 in mainland China as of December 31, 2024, compared to 195 and 203 respectively in 2023[78] - The group reported a decrease in short-term employee benefits to HKD 15,330,000 in 2024 from HKD 15,499,000 in 2023[47] Market Conditions and Strategic Outlook - The company anticipates a challenging business environment in 2025 due to high global coffee prices and market volatility, while focusing on sustainable growth and operational efficiency[54] - The company has implemented a strategic restructuring in mainland China to enhance operational efficiency and has successfully upgraded its SAP system[54] Governance and Compliance - The company has adhered to corporate governance codes, ensuring transparency and accountability to enhance investor confidence[91] - The chairman and CEO roles are held by the same individual, which the board believes aids in executing business strategies efficiently[91] - The board consists of three independent non-executive directors, ensuring a balance of power and adequate protection of shareholder interests[92] - The company has adopted a securities trading code that meets the standards set out in the listing rules, confirming compliance by all directors for the fiscal year ending December 31, 2024[93] Risk Management - The group closely monitors foreign exchange risks, primarily from transactions conducted in currencies other than the functional currency, with most foreign currency procurement transactions denominated in USD[73] - The group has implemented a cash pooling system to manage liquidity risk, ensuring sufficient funds to meet both short-term and long-term liquidity needs[77] Miscellaneous - The group has maintained sufficient public float, with at least 25% of issued shares held by the public as of the announcement date[87] - The group has not engaged in any purchase, sale, or redemption of its listed securities from January 1, 2024, to the announcement date[86] - The group has not identified any significant events that require disclosure from December 31, 2024, to the announcement date[88] - The annual performance announcement and annual report for the fiscal year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[95] - The board expresses gratitude to shareholders, customers, and business partners for their unwavering support and contributions to the group's progress[96]

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides basic corporate information for Jierong International Holdings Limited, including board members, committee structures, company secretary, registered address, principal place of business, auditor, and principal bankers - Executive Directors include **Mr. Wong Tat Tong** (Chairman), **Ms. Fan Yee Man**, and **Mr. Kam Chun Pong**[3](index=3&type=chunk) - Chairmen of the Audit, Nomination, and Remuneration Committees are **Mr. Tang Kwai Cheung**, **Mr. Wong Tat Tong**, and **Mr. Wong Man Fai** respectively[7](index=7&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's registered public interest entity auditor is **Ernst & Young**[13](index=13&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=5&type=section&id=Business%20Review) For the six months ended June 30, 2024, the Group's total revenue was HKD 349.4 million, a 2.8% year-on-year decrease, primarily due to reduced revenue from mainland China; however, gross profit margin significantly improved from 32.3% to 35.7% due to lower raw material costs for coffee products 2024 H1 Key Performance Indicators (million HKD) | Indicator | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 349.4 | 359.4 | -2.8% | | **Gross Profit** | 124.8 | 116.1 | +7.5% | | **Gross Profit Margin** | 35.7% | 32.3% | +3.4pp | - The main reason for the revenue decrease was reduced revenue from the mainland China market[16](index=16&type=chunk)[17](index=17&type=chunk) - The improvement in gross profit margin was primarily attributed to lower raw material costs for coffee products[16](index=16&type=chunk)[17](index=17&type=chunk) [Business Prospect](index=6&type=section&id=Business%20Prospect) Facing global economic changes, a persistent downturn in the Hong Kong retail market, and rising restaurant closures, the Group will focus on strengthening cash flow and risk management, including closely monitoring trade receivables recoverability and implementing effective cost-saving measures to sustain business growth - Major challenges include a decline in Hong Kong retail sales (**6.6% YoY decrease** from Jan-Jun 2024) and an increase in restaurant closures (approximately **2,200** in H1)[21](index=21&type=chunk) - To address market complexities, the Group will prioritize robust cash flow and enhanced risk management, particularly monitoring trade receivables, and implementing cost-saving measures[21](index=21&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) During the reporting period, the Group's revenue decreased by 2.8% year-on-year to HKD 349.4 million, mainly due to changes in demand for instant products in mainland China; despite the revenue decline, gross profit increased by 7.5% to HKD 124.8 million due to lower raw material costs, raising the gross profit margin to 35.7%; a HKD 12.2 million gain from asset disposal significantly boosted net other income, resulting in a 63.3% surge in profit for the period to HKD 36.1 million and an improved net profit margin from 6.1% to 10.3% [Revenue](index=7&type=section&id=Revenue) Group revenue decreased by 2.8% from HKD 359.4 million in the prior period to HKD 349.4 million, primarily due to reduced sales volume from mainland China customers' changing demand for instant products Revenue Change (million HKD) | Period | Revenue (million HKD) | | :--- | :--- | | 2024 H1 | 349.4 | | 2023 H1 | 359.4 | | **YoY Change** | **-2.8%** | [Cost of Sales and Gross Profit](index=7&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales decreased by 7.7% year-on-year to HKD 224.6 million, primarily benefiting from lower procurement prices of key raw materials, leading to a 7.5% increase in gross profit to HKD 124.8 million and an improvement in gross profit margin from 32.3% to 35.7% Cost and Gross Profit Change (million HKD) | Indicator | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | **Cost of Sales** | 224.6 | 243.3 | -7.7% | | **Gross Profit** | 124.8 | 116.1 | +7.5% | | **Gross Profit Margin** | 35.7% | 32.3% | +3.4pp | [Other Income and Expenses](index=8&type=section&id=Other%20Income%20and%20Expenses) Net other income and gains significantly increased by 533.3% to HKD 15.2 million, mainly due to a HKD 12.2 million gain from asset disposal; sales and distribution expenses decreased by 2.3% in line with revenue decline; general and administrative expenses rose by 6.2% due to increased staff costs; and net other expenses increased by 73.7% due to higher exchange losses from RMB depreciation Other Income and Expenses Overview (million HKD) | Item | 2024 H1 | 2023 H1 | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | **Net Other Income and Gains** | 15.2 | 2.4 | +533.3% | Gain from asset disposal of HKD 12.2 million | | **Sales and Distribution Expenses** | 49.9 | 51.1 | -2.3% | Reduced marketing and promotion expenses | | **General and Administrative Expenses** | 40.9 | 38.5 | +6.2% | Increased staff costs | | **Net Other Expenses** | 3.3 | 1.9 | +73.7% | Increased exchange losses due to RMB depreciation | [Profit for The Period](index=10&type=section&id=Profit%20for%20The%20Period) As a result of the combined factors, the Group's profit for the period significantly increased by 63.3% from HKD 22.1 million in the prior period to HKD 36.1 million, with the net profit margin improving from 6.1% to 10.3% Profit and Net Profit Margin Change | Indicator | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | **Profit for the Period (million HKD)** | 36.1 | 22.1 | +63.3% | | **Net Profit Margin** | 10.3% | 6.1% | +4.2pp | [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a robust financial position with ample resources to support operations; as of June 30, 2024, cash and cash equivalents stood at HKD 197.8 million, total interest-bearing bank borrowings decreased to HKD 4.5 million, and net current assets reduced to HKD 307.7 million due to special dividend payments, while the gearing ratio declined from 1.2% to a very low 0.9%, with no significant investment plans for the coming year Capital and Liquidity Status (million HKD) | Indicator | 2024 June 30 | 2023 Dec 31 | Change | | :--- | :--- | :--- | :--- | | **Capital Expenditure (H1)** | 13.6 | 16.7 (2023 H1) | -18.6% | | **Capital Commitments** | 9.0 | 3.9 | +130.8% | | **Interest-bearing Bank Borrowings** | 4.5 | 7.1 | -36.6% | | **Net Current Assets** | 307.7 | 391.5 | -21.4% | | **Cash and Cash Equivalents** | 197.8 | 253.8 | -22.1% | | **Gearing Ratio** | 0.9% | 1.2% | -0.3pp | - The decrease in net current assets was primarily due to a reduction in cash from special dividend payments[38](index=38&type=chunk)[41](index=41&type=chunk) - The Group has no specific plans for significant investments or capital assets in the coming year[39](index=39&type=chunk)[42](index=42&type=chunk) [Risk Management](index=13&type=section&id=Risk%20Management) The Group faces foreign currency, interest rate, credit, and liquidity risks, implementing corresponding monitoring measures; foreign currency risk primarily stems from USD purchases and RMB sales, closely monitored with hedging considered when necessary; interest rate risk relates to floating-rate bank borrowings; credit risk is controlled through transactions with reputable parties and credit review procedures; and liquidity risk is managed via a cash pooling system to ensure sufficient funds - **Foreign Currency Risk**: Primary risk arises from USD purchases and HKD/RMB sales; management closely monitors and considers hedging policies when significant risks arise[48](index=48&type=chunk)[50](index=50&type=chunk) - **Interest Rate Risk**: Risk is mainly associated with floating-rate bank borrowings; the Group monitors interest rate exposure and considers hedging when needed[48](index=48&type=chunk)[51](index=51&type=chunk) - **Credit Risk**: The Group transacts only with reputable third parties, employing credit verification procedures and continuous monitoring, resulting in non-significant bad debt risk[49](index=49&type=chunk)[52](index=52&type=chunk) - **Liquidity Risk**: The Group manages liquidity through an internal cash pooling system, ensuring sufficient funds to meet short-term and long-term needs[53](index=53&type=chunk) [Human Resources](index=14&type=section&id=Human%20Resources) As of June 30, 2024, the Group employed 192 staff in Hong Kong and 193 in mainland China, a slight decrease from the end of 2023; the company's remuneration references market levels and includes a share option scheme to incentivize employees; during the period, the Group provided various training programs covering operational skills and professional knowledge Employee Count Change | Region | 2024 June 30 | 2023 Dec 31 | | :--- | :--- | :--- | | **Hong Kong** | 192 | 195 | | **Mainland China** | 193 | 203 | - The Group provides various training, including occupational safety, machine control, management systems, and business knowledge, to ensure effective implementation of business strategies[53](index=53&type=chunk) [Financial Statements](index=15&type=section&id=Financial%20Statements) [Independent Review Report](index=15&type=section&id=Independent%20Review%20Report) Ernst & Young reviewed the Group's interim financial information for the six months ended June 30, 2024, in accordance with Hong Kong Standard on Review Engagements 2410, concluding that nothing came to their attention suggesting the interim financial information was not prepared in all material respects according to Hong Kong Accounting Standard 34 "Interim Financial Reporting" - The review was conducted by **Ernst & Young**, covering the interim financial information for the six months ended **June 30, 2024**[54](index=54&type=chunk)[55](index=55&type=chunk) - The review concluded that no material matters were found to be non-compliant with **Hong Kong Accounting Standard 34**[61](index=61&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the company's revenue was HKD 349.4 million, a 2.8% year-on-year decrease; however, due to increased gross profit and a significant gain from asset disposal, profit before tax surged to HKD 45.1 million, with profit for the period reaching HKD 36.1 million, a 63.3% year-on-year increase, and basic earnings per share at HKD 5.02 cents Condensed Consolidated Statement of Profit or Loss Summary (thousand HKD) | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | **REVENUE** | 349,437 | 359,382 | | **Gross profit** | 124,808 | 116,106 | | **PROFIT BEFORE TAX** | 45,124 | 26,548 | | **PROFIT FOR THE PERIOD** | 36,146 | 22,090 | | **Basic earnings per share (HK cents)** | 5.02 | 3.06 | [Condensed Consolidated Statement of Comprehensive Income](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Building on the HKD 36.1 million profit for the period, and considering a HKD 3.0 million exchange loss from translating overseas operations, total comprehensive income for the six months ended June 30, 2024, was HKD 33.1 million, a significant increase from HKD 17.8 million in the prior period Condensed Consolidated Statement of Comprehensive Income Summary (thousand HKD) | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | **PROFIT FOR THE PERIOD** | 36,146 | 22,090 | | **OTHER COMPREHENSIVE LOSS** | (3,025) | (4,253) | | **TOTAL COMPREHENSIVE INCOME** | 33,121 | 17,837 | [Condensed Consolidated Statement of Financial Position](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were HKD 678.2 million, total liabilities HKD 170.6 million, and net assets HKD 507.6 million; compared to the end of 2023, net current assets decreased due to cash reduction from special dividend payments, leading to a decline in total equity from HKD 590.4 million to HKD 507.6 million Condensed Consolidated Statement of Financial Position Summary (thousand HKD) | Item | 2024 June 30 | 2023 Dec 31 | | :--- | :--- | :--- | | **Total non-current assets** | 229,133 | 217,654 | | **Total current assets** | 449,101 | 517,463 | | **Total current liabilities** | 141,373 | 125,926 | | **Net current assets** | 307,728 | 391,537 | | **Net assets** | 507,591 | 590,436 | | **Total equity** | 507,591 | 590,436 | [Condensed Consolidated Statement of Changes in Equity](index=22&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, the Group's total equity decreased from HKD 590.4 million at the beginning of the period to HKD 507.6 million, primarily due to dividend payments totaling HKD 116 million, which exceeded the HKD 33.1 million total comprehensive income recorded during the period Equity Movement Summary (thousand HKD) | Item | Amount | | :--- | :--- | | **Equity at beginning of period (2024 Jan 1)** | 590,436 | | **Total comprehensive income for the period** | 33,121 | | **Dividends paid** | (115,966) | | **Equity at end of period (2024 June 30)** | 507,591 | [Condensed Consolidated Statement of Cash Flows](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, net cash generated from operating activities was HKD 63.8 million; investing activities shifted from a net outflow to a net inflow of HKD 6.2 million, mainly due to proceeds from asset disposal; financing activities saw a significant net outflow of HKD 125.3 million, primarily due to HKD 116 million in dividend payments; ultimately, cash and cash equivalents decreased by HKD 55.3 million Cash Flow Statement Summary (thousand HKD) | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | **Net cash generated from operating activities** | 63,845 | 85,559 | | **Net cash generated from/(used in) investing activities** | 6,223 | (22,477) | | **Net cash used in financing activities** | (125,345) | (25,497) | | **Net (decrease)/increase in cash and cash equivalents** | (55,277) | 37,585 | | **Cash and cash equivalents at beginning of period** | 253,752 | 189,789 | | **Cash and cash equivalents at end of period** | 197,781 | 225,875 | [Notes to the Condensed Consolidated Financial Statements](index=27&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [3. OPERATING SEGMENT INFORMATION](index=34&type=section&id=3.%20OPERATING%20SEGMENT%20INFORMATION) Starting from 2024, due to a decreased proportion of the food segment, the Group revised its operating segments, no longer presenting them separately but evaluating performance and allocating resources for the entire Group as a whole; geographically, Hong Kong remains the primary revenue source, accounting for approximately 70% of total revenue, but its growth has slowed, while mainland China revenue has declined - Starting from **2024**, the Group changed its internal reporting structure, consolidating the former “Catering Planning Services” and “Food” segments, and no longer presenting operating segment information[99](index=99&type=chunk)[100](index=100&type=chunk) Revenue from External Customers by Geographical Location (thousand HKD) | Region | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | **Hong Kong** | 244,279 | 238,586 | +2.4% | | **Mainland China** | 99,187 | 113,940 | -13.0% | | **Others** | 5,971 | 6,856 | -12.9% | | **Total** | **349,437** | **359,382** | **-2.8%** | [4. REVENUE AND OTHER INCOME AND GAINS, NET](index=37&type=section&id=4.%20REVENUE%20AND%20OTHER%20INCOME%20AND%20GAINS%2C%20NET) The Group's total revenue primarily derives from the sale of coffee, tea, and related ancillary products, accounting for 95.7% of total revenue; net other income and gains amounted to HKD 15.2 million, with the vast majority (HKD 12.3 million) stemming from gains on disposal of assets classified as held for sale and items of property, plant, and equipment Revenue Analysis by Goods or Service Category (thousand HKD) | Category | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Sale of coffee, tea and other related ancillary products | 334,534 | 342,514 | | Sale of frozen food | 4,103 | 6,492 | | Revenue from provision of coffee machine and tea machine planning services | 10,800 | 10,376 | | **Total** | **349,437** | **359,382** | - The largest component of net other income and gains was the gain on disposal of assets and property, plant and equipment items, totaling **HKD 12,273 thousand**[123](index=123&type=chunk) [8. DIVIDENDS](index=44&type=section&id=8.%20DIVIDENDS) During the reporting period, the company recognized and paid a final dividend of HKD 2.22 cents per share and a special dividend of HKD 13.87 cents per share for 2023, totaling HKD 116 million in dividends; additionally, the Board declared an interim dividend of HKD 2.76 cents per share for the six months ended June 30, 2024, an increase from HKD 1.84 cents per share in the prior period Dividend Distribution (thousand HKD) | Dividend Type | 2024 H1 Recognized Distribution | 2023 H1 Recognized Distribution | | :--- | :--- | :--- | | 2022 Final Dividend | — | 15,784 | | 2023 Final Dividend | 16,000 | — | | Special Dividend | 99,966 | — | | **Total** | **115,966** | **15,784** | - The Board declared a 2024 interim dividend of **HKD 2.76 cents per ordinary share**, totaling approximately **HKD 19,892 thousand**, representing a **50% increase** from HKD 1.84 cents per share in the prior period[139](index=139&type=chunk) [12. TRADE RECEIVABLES](index=48&type=section&id=12.%20TRADE%20RECEIVABLES) As of June 30, 2024, the Group's net trade receivables were HKD 95.0 million, a decrease from HKD 115.2 million at the end of 2023; aging analysis shows that the vast majority (approximately 87%) of receivables are within 30 days, indicating good collection performance, with credit terms generally ranging from 30 to 120 days Trade Receivables Aging Analysis (after impairment allowance, thousand HKD) | Aging | 2024 June 30 | 2023 Dec 31 | | :--- | :--- | :--- | | Within 30 days | 82,776 | 100,546 | | 31 to 60 days | 5,396 | 7,614 | | 61 to 90 days | 4,669 | 4,844 | | Over 91 days | 2,179 | 2,165 | | **Total** | **95,020** | **115,169** | [17. CONTINGENT LIABILITIES](index=53&type=section&id=17.%20CONTINGENT%20LIABILITIES) The Group has two warehouses in mainland China lacking necessary construction permits and completion reports, thus unable to obtain property ownership certificates, potentially facing demolition orders and fines up to RMB 1.3 million (approximately HKD 1.4 million); however, the Board, after legal consultation, believes the likelihood of penalties is low and demolition costs are not material, hence no provision has been made - The Group faces a risk of demolition orders and fines up to **RMB 1.3 million** (approximately **HKD 1.4 million**) for two warehouses in mainland China due to incomplete documentation[162](index=162&type=chunk)[163](index=163&type=chunk) - Management assessed that the likelihood of penalties being imposed by relevant authorities is low, and potential costs would not be material to the Group, thus no provision was made[162](index=162&type=chunk)[163](index=163&type=chunk) [19. RELATED PARTY TRANSACTIONS](index=55&type=section&id=19.%20RELATED%20PARTY%20TRANSACTIONS) During the period, the Group engaged in various transactions with companies controlled by its major shareholders, including procurement of goods, payment for logistics and warehousing services, and provision of OEM processing services; the report also disclosed the total remuneration for key management personnel, including directors Major Related Party Transactions (thousand HKD) | Transaction Content | Related Party | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | :--- | | Purchase of goods | Supply chain service provider | 9,960 | 2,829 | | Purchase of goods | Distributor | 1,038 | 762 | | Logistics and warehousing costs | Warehousing and logistics service provider | 667 | — | | OEM processing income | Coffee and tea producer | 662 | — | Key Management Personnel Remuneration (thousand HKD) | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Short-term employee benefits | 7,803 | 8,323 | | Pension scheme contributions | 455 | 435 | | **Total** | **8,258** | **8,758** | [Other Information](index=61&type=section&id=Other%20Information) [INTERIM DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS](index=61&type=section&id=INTERIM%20DIVIDEND%20AND%20CLOSURE%20OF%20REGISTER%20OF%20MEMBERS) The Board declared an interim dividend of HKD 2.76 cents per share for the six months ended June 30, 2024, a significant increase from HKD 1.84 cents per share in the prior period; the dividend will be paid on September 13, 2024, to shareholders registered on August 30, 2024 - An interim dividend of **HKD 2.76 cents per share** for 2024 was declared[178](index=178&type=chunk) - The record date for entitlement is **August 30, 2024**, with the dividend payment date on **September 13, 2024**[178](index=178&type=chunk)[179](index=179&type=chunk) [DIRECTORS' INTERESTS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS](index=64&type=section&id=DIRECTORS%27%20INTERESTS%20AND%20SUBSTANTIAL%20SHAREHOLDERS%27%20INTERESTS) As of June 30, 2024, Mr. Wong Tat Tong, the company's Chairman, is deemed to hold 71.41% of the company's shares through his controlled corporations and acting-in-concert agreements, making him the controlling shareholder; other substantial shareholders, including Dah Chong Hong Food and CITIC Pacific Limited, are also deemed to hold the same proportion of shares due to acting-in-concert agreements - Executive Director and Chairman **Mr. Wong Tat Tong** is deemed to hold **514,667,312 shares**, representing **71.41%** of the company's issued share capital[191](index=191&type=chunk)[192](index=192&type=chunk) Substantial Shareholders' Interests (as at June 30, 2024) | Shareholder Name | Nature of Interest | Number of Shares Held (Long Position) | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | | Hero Asia Company Limited | Beneficial owner; acting in concert | 514,667,312 | 71.41% | | Dah Chong Hong Food International Holdings Limited | Beneficial owner; acting in concert | 514,667,312 | 71.41% | | CITIC Pacific Limited | Interest in controlled corporation; acting in concert | 514,667,312 | 71.41% | | CITIC Group Corporation Limited | Interest in controlled corporation; acting in concert | 514,667,312 | 71.41% | [CORPORATE GOVERNANCE PRACTICES](index=74&type=section&id=CORPORATE%20GOVERNANCE%20PRACTICES) The company complied with most provisions of the Corporate Governance Code during the reporting period, with one deviation: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Wong Tat Tong; the Board believes this arrangement, given Mr. Wong's long-standing responsibility for overall Group management since 1978, facilitates business strategy execution and maximizes operational efficiency, while the independent non-executive directors provide sufficient checks and balances - The company deviated from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are combined and held by the same person, **Mr. Wong Tat Tong**[217](index=217&type=chunk)[219](index=219&type=chunk) - The Board believes this arrangement facilitates business strategy execution and enhances operational efficiency, and the current Board structure ensures a balance of power and safeguards shareholders' interests[219](index=219&type=chunk)[220](index=220&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 349.4 million, a decrease of 2.8% compared to HKD 359.4 million for the same period in 2023[1] - Gross profit for the six months ended June 30, 2024, was HKD 124.8 million, an increase of 7.5% from HKD 116.1 million in the same period of 2023[1] - Profit for the six months ended June 30, 2024, was HKD 36.1 million, representing a 63.3% increase from HKD 22.1 million in the same period of 2023[1] - Total comprehensive income for the period was HKD 33.1 million, compared to HKD 17.8 million for the same period in 2023[4] - The group's profit before tax for the six months ended June 30, 2024, was HKD 36,146,000, compared to HKD 22,090,000 for the same period in 2023, representing a year-on-year increase of 63.7%[21] - The group's net profit increased by HKD 14.0 million or 63.3% to HKD 36.1 million, with the net profit margin rising from 6.1% to 10.3%[45] Revenue Breakdown - Total customer contract revenue for the six months ended June 30, 2024, was HKD 349,437,000, a decrease of 2.6% compared to HKD 359,382,000 for the same period in 2023[13] - Revenue from coffee, tea, and related products sales was HKD 334,534,000, down from HKD 342,514,000 year-over-year[13] - Revenue from frozen food sales decreased significantly to HKD 4,103,000 from HKD 6,492,000, representing a decline of 36.7%[13] - Revenue from coffee and tea machine planning services was HKD 10,800,000, slightly up from HKD 10,376,000, indicating a growth of 4.1%[13] - Revenue from Hong Kong for the six months ended June 30, 2024, was HKD 244,279,000, an increase of 2.9% from HKD 238,586,000 in 2023[13] - Revenue from Mainland China decreased to HKD 99,187,000 from HKD 113,940,000, a decline of 13.0%[13] Costs and Expenses - The cost of goods sold for the six months ended June 30, 2024, was HKD 224,629,000, a decrease from HKD 243,276,000 for the same period in 2023, representing a reduction of 7.6%[6] - The cost of sales decreased by HKD 18.7 million or 7.7% to HKD 224.6 million, mainly due to a reduction in raw material costs for coffee products[37] - The group incurred employee benefit expenses of HKD 60,728,000 for the six months ended June 30, 2024, compared to HKD 57,766,000 for the same period in 2023, an increase of 5.1%[6] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HKD 229.1 million, an increase from HKD 217.7 million as of December 31, 2023[5] - Current assets as of June 30, 2024, were HKD 449.1 million, down from HKD 517.5 million as of December 31, 2023[5] - Total liabilities as of June 30, 2024, were HKD 141.4 million, compared to HKD 125.9 million as of December 31, 2023[5] - Equity attributable to owners of the parent as of June 30, 2024, was HKD 507.6 million, down from HKD 590.4 million as of December 31, 2023[6] - Trade receivables amounted to HKD 101,001,000 as of June 30, 2024, down from HKD 126,252,000 as of December 31, 2023, showing a decrease of 20.0%[23] - Trade payables as of June 30, 2024, amounted to HKD 77.1 million, an increase from HKD 63.4 million as of December 31, 2023[26] Taxation - The total tax expense for the six months ended June 30, 2024, was HKD 8,978,000, up from HKD 4,458,000 in the same period of 2023, indicating a 101.5% increase[19] - The actual tax rate increased from 16.8% to 19.9%, with tax expenses rising by 100% to HKD 9.0 million due to increased pre-tax profits[44] Dividends and Shareholder Returns - The group recognized a special dividend of HKD 99,966,000 for the 2023 financial year, compared to HKD 15,784,000 for the previous year, marking a significant increase[20] - The company declared an interim dividend of HKD 2.76 per share for the six months ending June 30, 2024, compared to HKD 1.84 for the same period in 2023[57] Market Environment and Challenges - The company is facing significant challenges due to a 9.7% decline in retail sales value in Hong Kong in June 2024 compared to the same month in 2023[35] - Approximately 2,200 restaurants are estimated to have closed in the first half of 2024, indicating a challenging market environment for the company[35] - The company emphasizes the importance of robust cash flow and risk management in response to the complex market environment[35] - The company remains confident in its ability to adapt to market dynamics and protect shareholder interests[35] Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024[58] - The company adhered to corporate governance practices, with a noted deviation regarding the roles of the chairman and CEO, which are held by the same individual[62] - The board consists of three independent non-executive directors, ensuring a balance of power and accountability[63] - The company has adopted a securities trading code that meets the standards required by the listing rules[64]