董事会相信，集团财务业绩的大幅改善主要由于关闭表现欠佳的店铺及采取严格的成本控制措施。零售 业仍充满挑战，集团一直密切监察市场趋势，以相应调整其经营方法及营运活动。集团将继续追踪市场 发展，调整策略以配合不断转变的经济状况。 智通财经APP讯，尚晋国际控股(02528)发布公告，预计集团于截至2025年6月30日止六个月录得净利润 不少于700万港元，而截至2024年6月30日止六个月为净亏损约5470万港元。 ...

盈利預告 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 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。 Forward Fashion (International) Holdings Company Limited 尚 晉（國 際）控股有限公司 （股份代號：2528） （於開曼群島註冊成立的有限公司） 承董事會命 尚 晉（國 際）控 股 有 限 公 司 主 席 范榮庭 本 公 告 乃 由 尚 晉（國 際）控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本 集 團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條及香港 法例第571章證券及期貨條例第XIVA部 項 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則） 而 作 出。 本 公 司 董 事 會（「董事會」）欣 然 通 知 本 公 ...

格隆汇8月14日丨尚晋国际控股(02528.HK)公布，公司将于2025年8月27日召开董事会会议，以（其中包 括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议 （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 就 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。 承董事會命 尚 晉（國 際）控 股 有 限 公 司 主 席 范榮庭 香 港，2025年8月14日 Forward Fashion (International) Holdings Company Limited 尚 晉（國 際）控股有限公司 （股份代號：2528） （於開曼群島註冊成立的有限公司） 董事會會議通告 尚 晉（國 際）控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 2025年8月27日（星 期 三）舉 行 董 事 會 會 議，以（其 中 包 括）：(i)考慮及批准本公司 及其附屬公司截至2025年6月30日 止 六 個 月 之 未 經 審 核 中 期 業 績 及 其 刊 發；及 (ii)考 慮 派 付 中 期 股 息（如 有） ...

公司名稱: 尚晉(國際)控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 FF301 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 致：香港交易及結算所有限公司 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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) | 02528 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000 ...

Financial Performance - The company reported revenue of HKD 938.3 million for the year ended December 31, 2024, a decrease of 6.9% compared to HKD 1,007.8 million in 2023[9]. - The gross profit margin decreased to 44.8% in 2024 from 46.4% in 2023[9]. - The company incurred a net loss of HKD 85.1 million in 2024, compared to a loss of HKD 19.8 million in 2023[9]. - Total revenue for 2024 decreased to HKD 938.3 million, a decline of 6.9% compared to HKD 1,007.8 million in 2023[17]. - Gross profit for 2024 was HKD 420.8 million, down 10.1% from HKD 467.8 million in 2023, with a gross margin decrease from 46.4% to 44.8%[22]. - Operating expenses increased to HKD 394.5 million, a rise of 0.8%, primarily due to variable lease expenses[24]. - Net loss for 2024 was HKD 85.1 million, compared to a net loss of HKD 19.8 million in 2023[27]. - Cash and cash equivalents as of December 31, 2024, were HKD 46.2 million, a decrease of HKD 27.1 million from the previous year[32]. - The current ratio improved to 1.1 times as of December 31, 2024, compared to 1.0 times in 2023[34]. - The debt-to-equity ratio increased to 74% in 2024 from 59% in 2023[35]. Retail Sales and Operations - Retail sales in the Greater China region decreased by 6.9%, with Macau contributing a reduction of HKD 14.4 million, accounting for 21% of the total revenue decline[15]. - Single-brand stores and multi-brand stores experienced year-on-year declines of 24.2% and 12.8%, respectively, while online sales grew by 63.2%[16]. - The number of retail stores decreased from 169 in 2023 to 155 in 2024, with a same-store sales decline of 19.4%[17]. - Retail sales from single-brand stores dropped by 24.2% to HKD 519.2 million, while online sales increased by 63.2% to HKD 39.5 million[17]. - The average saleable floor area increased from 31,772 square meters in 2023 to 32,156 square meters in 2024, primarily due to the opening of Galeries Lafayette in Macau[16]. - The company operates 157 self-operated retail stores in Greater China, with 142 being single-brand stores and 13 multi-brand stores[14]. Strategic Initiatives and Future Outlook - The company has implemented strict cost control measures to mitigate the impact of a challenging operating environment[15]. - The financial performance was negatively affected by geopolitical tensions and inflationary pressures, leading to a cautious consumer sentiment[14]. - The company remains optimistic about its ability to navigate current challenges and strengthen its position for future recovery in the retail sector[10]. - The company aims to enhance its competitiveness and shareholder value through strategic investments in long-term opportunities[40]. - The company plans to strengthen its online sales, allocating 5.7% of the proceeds (HKD 8.0 million) for this purpose[43]. - The company has adjusted the estimated timeline for utilizing unutilized proceeds to December 31, 2025, due to the impact of the COVID-19 pandemic[43]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange's Appendix C1 and has complied with its provisions for the year ending December 31, 2024[69]. - The company is committed to maintaining high standards of corporate governance to ensure the integrity, transparency, and quality of information disclosure[67]. - The board aims to maintain a balanced composition of executive and independent non-executive directors to ensure strong independent judgment[69]. - The company has established a code of conduct for directors' securities transactions, which is at least as stringent as the Stock Exchange's guidelines[70]. - The company emphasizes the importance of good corporate governance elements in its management structure and internal control procedures[68]. - The company has a dedicated audit committee and remuneration committee to provide independent advice to the board[61]. - The company has a strong focus on environmental, social, and governance (ESG) practices, with committees in place to oversee these areas[63]. - The company has a commitment to effective accountability through its governance framework[68]. Employee and Diversity Policies - The company employed approximately 1,138 employees as of December 31, 2024, down from 1,174 employees in 2023[45]. - The company provides equal opportunities for all employees, ensuring a diverse work environment without discrimination based on various factors[85]. - The board consists of eight members, including five executive directors and three independent non-executive directors[74]. - The company has established a board diversity policy to enhance efficiency and performance, considering factors such as gender, skills, and experience[79]. - The company aims to maintain a balanced gender diversity on the board and has plans for succession planning to promote qualified women to senior management and board levels[82]. Risk Management and Compliance - The board is responsible for establishing and reviewing the effectiveness of the risk management and internal control systems, with management tasked with implementing these systems[117]. - An annual corporate risk assessment has been conducted to identify significant risks that may impact the company's strategic objectives[120]. - The internal audit function operates independently from operational management and reports to the audit committee, focusing on key operational, financial, compliance, and risk management controls[121]. - The company has a whistleblowing policy in place to promote transparency and accountability, with no significant fraud or misconduct reported during the review period[112]. - The company has reported compliance with applicable laws and regulations, with no significant violations during the year[143]. Related Party Transactions - Total related party transactions for the year ended December 31, 2024, amounted to HKD 4,066,000, a decrease of 12.1% from HKD 4,628,000 in 2023[197]. - Interest expenses paid to 卓智富達 decreased to HKD 1,709,000 in 2024 from HKD 1,889,000 in 2023, reflecting a reduction of 9.5%[197]. - Interest expenses paid to 順澳投資 were nil in 2024, down from HKD 226,000 in 2023, indicating a complete cessation of this expense[197]. - Revenue from corporate management services provided to 深圳致尚 decreased significantly to HKD 249,000 in 2024 from HKD 1,337,000 in 2023, a decline of 81.4%[197]. - Revenue from corporate management services provided to 深圳創雅 increased to HKD 1,091,000 in 2024 from HKD 89,000 in 2023, a substantial increase of 1,225.8%[197]. Stock Option Plan - The stock option plan was adopted on December 17, 2019, and became effective on January 13, 2020[165]. - The stock option plan allows for the granting of options to full-time or part-time employees, consultants, and other qualified participants[166]. - The plan is valid for ten years from the effective date, after which no further options will be granted[167]. - The total number of shares involved in the stock option plan cannot exceed 10% of the total issued shares post-listing[177]. - The company has a total of 40,000,000 stock options available for grant under the stock option plan as of December 31, 2024, which represents approximately 10% of the 400,000,000 issued ordinary shares[192]. - No stock options were granted, exercised, expired, canceled, or lapsed under the stock option plan for the year ending December 31, 2024[192].

Financial Performance - For the year ending December 31, 2024, the company reported total revenue of HKD 938,315,000, a decrease of approximately 6.9% from HKD 1,007,801,000 in 2023[4] - The gross profit for the year was HKD 420,775,000, down 10.0% from HKD 467,805,000 in the previous year[4] - The company incurred a net loss of HKD 85,077,000 for 2024, compared to a net loss of HKD 19,794,000 in 2023, representing a significant increase in losses[4] - The company reported a net loss before tax of HKD 80,922,000 for 2024, compared to a net loss of HKD 18,244,000 in 2023, indicating a worsening of financial performance[22][28] - The net loss for the group in 2024 was 85.1 million HKD, compared to a net loss of 19.8 million HKD in 2023[48] - The company reported a basic loss per share of HKD (0.19) for 2024, compared to HKD (0.04) in 2023[30] Revenue Breakdown - The segment performance for Mainland China shows a revenue of HKD 389,711,000 for 2024, down from HKD 426,135,000 in 2023, indicating a decrease of about 8.6%[22][23] - The segment performance for Macau is expected to be HKD 467,204,000 in 2024, slightly down from HKD 481,569,000 in 2023, reflecting a decrease of approximately 3.0%[22][23] - The segment performance for Hong Kong and other regions is projected to be HKD 81,400,000 in 2024, down from HKD 100,097,000 in 2023, which is a decline of around 18.6%[22][23] - Revenue from Macau in 2024 was 467.2 million HKD, a decrease of 3.0% year-on-year, while same-store sales growth was negative at 26.9%[40] - Revenue from mainland China in 2024 was 389.7 million HKD, down 8.5% year-on-year, with a same-store sales growth rate of negative 15.2%[41] - Revenue from Hong Kong and Taiwan decreased by 18.7% year-on-year, with a total revenue of 81.4 million HKD in 2024[42] Assets and Liabilities - Total assets decreased from HKD 541,524,000 in 2023 to HKD 455,305,000 in 2024, indicating a reduction of approximately 15.9%[6] - Current liabilities decreased from HKD 535,574,000 in 2023 to HKD 419,160,000 in 2024, a reduction of about 21.8%[6] - The company's cash and cash equivalents dropped from HKD 73,298,000 in 2023 to HKD 46,225,000 in 2024, a decline of approximately 37.0%[6] - The company's equity attributable to owners decreased from HKD 228,813,000 in 2023 to HKD 149,148,000 in 2024, a decline of about 34.8%[7] - The company's non-current assets decreased from HKD 370,644,000 in 2023 to HKD 367,144,000 in 2024, a decrease of approximately 0.7%[6] - Trade receivables as of December 31, 2024, amounted to HKD 62.469 million, an increase from HKD 48.269 million in 2023[31] - Trade payables as of December 31, 2024, were HKD 115.804 million, down from HKD 135.565 million in 2023[32] Expenses - The total sales cost for 2024 is estimated at HKD 517,540,000, compared to HKD 539,996,000 in 2023, showing a reduction of about 4.1%[22][23] - The total selling and marketing expenses for 2024 are projected to be HKD 394,542,000, a slight decrease from HKD 391,404,000 in 2023, indicating an increase of approximately 0.6%[22][23] - The total employee costs for 2024 are estimated at HKD 182,699,000, down from HKD 201,828,000 in 2023, reflecting a decrease of about 9.5%[28] - Operating expenses increased to 394.5 million HKD in 2024, a rise of 0.8% year-on-year, primarily due to increased variable lease expenses[45] Corporate Governance and Structure - The company was established on May 16, 2019, in the Cayman Islands and operates as an investment holding company primarily engaged in retail and wholesale of international fashion brands in China, Macau, Hong Kong, and other regions[8] - The company's shares have been listed on the Hong Kong Stock Exchange since January 13, 2020[10] - The functional currency of the company is Hong Kong dollars, while its subsidiaries in mainland China use Renminbi[11] - The company has adopted several amendments to the International Financial Reporting Standards (IFRS) effective from January 1, 2024, which include changes to lease liabilities and classification of liabilities[12][13] - The amendments to IFRS are not expected to have a significant impact on the company's financial performance or position[16] - The company is currently evaluating the impact of the new IFRS 18, which will be effective from January 1, 2027, but does not anticipate significant effects on its financial statements[18] - The company has adhered to the corporate governance code and aims to maintain a balanced board composition with independent elements[72] - The audit committee has reviewed the accounting policies and financial reporting matters for the year ending December 31, 2024[73] Shareholder Information - Major shareholder Gold Star Fashion Limited holds 300,000,000 shares, representing a 75% equity stake in the company[68] - Ms. Zheng Qionglei, as the spouse of Mr. Fan, also holds 300,000,000 shares, equating to a 75% equity stake[68] - The board does not recommend the payment of any final dividend for the year ended December 31, 2024[34] - The company has not proposed any final dividend for the year ending December 31, 2024[65] Strategic Initiatives - The group implemented strict cost control measures to mitigate the impact of a challenging operating environment[37] - The company aims to enhance online sales, allocating 5.7% of the proceeds (HKD 8.0 million) for this purpose[59] - The company plans to allocate 50.3% of the proceeds (HKD 70.4 million) for the establishment of new retail stores[59] - The company has adjusted the timeline for utilizing unspent proceeds to December 31, 2025, to increase flexibility for future development[60] - The company is committed to enhancing competitiveness and shareholder value despite challenging market conditions[57] Employee Information - The company employed approximately 1,138 employees as of December 31, 2024, down from 1,174 in 2023[62]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 468.36 million, a decrease of 7.3% compared to HKD 505.43 million for the same period in 2023[2] - Gross profit for the same period was HKD 202.01 million, down 14.2% from HKD 235.43 million year-on-year[2] - The company reported a loss for the period of HKD 54.70 million, compared to a loss of HKD 7.40 million in the previous year, indicating a significant increase in losses[2] - Basic and diluted loss per share was HKD 0.13, compared to HKD 0.02 for the same period in 2023[3] - The company reported a total comprehensive loss of HKD 54,698,000 for the six months ended June 30, 2024, compared to a loss of HKD 7,404,000 for the same period in 2023, indicating a significant increase in losses[6] - The company reported a net loss attributable to equity holders of HKD 50,771,000, compared to a loss of HKD 6,261,000 in the same period last year, indicating a significant increase in losses[26] - The net loss for the period was HKD 54.7 million, compared to a net loss of HKD 7.4 million for the same period in 2023[53] Financial Position - Current ratio improved to 1.20 from 1.01 as of December 31, 2023, indicating better short-term financial health[2] - The debt-to-asset ratio increased to 66% from 59% year-on-year, reflecting a higher level of leverage[2] - Total assets decreased to HKD 822.44 million from HKD 912.17 million as of December 31, 2023[5] - Total liabilities decreased to HKD 659.28 million from HKD 693.52 million, showing a reduction in overall debt[5] - As of June 30, 2024, the company's total equity amounted to HKD 163,158,000, a decrease from HKD 218,644,000 as of January 1, 2024[6] - The total net book value of the company is HKD 157,482,000, a decrease from HKD 175,123,000 as of December 31, 2023, representing a decline of approximately 10.1%[29] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was HKD 33,272,000, a decrease of 70% from HKD 111,249,000 in the same period of 2023[7] - The company incurred a net cash outflow from investing activities of HKD 17,524,000 for the six months ended June 30, 2024, compared to an outflow of HKD 14,442,000 in the previous year[7] - The company’s cash and cash equivalents decreased significantly, with a net decrease of HKD 76,680,000 for the six months ended June 30, 2024[7] - As of June 30, 2024, cash and cash equivalents amounted to HKD 47.6 million, a decrease of HKD 25.7 million compared to December 31, 2023[56] Revenue Breakdown - Revenue from external customers totaled HKD 468,361,000, with contributions from Mainland China, Macau, and Hong Kong[18] - The total segment revenue for the six months ended June 30, 2024, was HKD 483,941,000, with a significant portion from Macau[18] - Retail revenue decreased to HKD 375,481,000 from HKD 464,778,000, representing a decline of 19.2%[20] - Revenue from mainland China decreased to HKD 202.0 million, reflecting an 11.5% decline year-on-year[48] - Revenue from Macau retail stores decreased to HKD 223.3 million, a slight decline of 1.0%[48] - Revenue decline included a reduction of HKD 26.1 million in mainland China, representing a negative growth rate of 11.4%[45] - Macau, Hong Kong, and Taiwan collectively recorded a year-on-year revenue decrease of HKD 8.6 million, with negative growth rates of 16.6%[45] Expenses and Costs - The total expenses for the six months ended June 30, 2024, were HKD 516,112,000, slightly up from HKD 506,820,000 in 2023, indicating a marginal increase in operational costs[23] - Employee benefits expenses rose to HKD 114,341,000 from HKD 106,635,000, an increase of 7.9%[23] - Operating expenses increased, with sales and marketing expenses rising to HKD 198.0 million, a 5.6% increase year-on-year[51] - The company incurred lease-related expenses of HKD 27,640,000 for the six months ended June 30, 2024, compared to HKD 19,974,000 for the same period in 2023, representing an increase of approximately 38.3%[30] Market Conditions and Challenges - The group faced challenges due to slow post-COVID recovery, high interest rates, inflation, and unfavorable macroeconomic conditions[45] - The geopolitical tensions and economic weakness in China further exacerbated the challenging market conditions[45] Corporate Governance and Compliance - The company continues to operate under the same accounting policies as in the previous financial year, with no significant changes expected to impact future periods[9] - The company’s financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[9] - The company has complied with the corporate governance code during the six months ended June 30, 2024, ensuring effective accountability[72] - The audit committee has reviewed the accounting principles and practices adopted by the company, discussing risk management and internal controls[73] Shareholder Information - Major shareholders include Gold Star Fashion Limited and Ms. Zheng Qionglin, each holding 300,000,000 shares, representing 75% ownership[67] - The company has not issued any new ordinary shares during the period, maintaining a total of 400,000,000 shares with a par value of HKD 4,000,000 as of June 30, 2024[34] - The group did not recommend any interim dividend for the six months ended June 30, 2024[40] - No interim dividend has been recommended for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[71]

Financial Performance - The company reported revenue of HKD 1,007.8 million for the year ended December 31, 2023, representing a 5.0% increase from HKD 959.9 million in 2022[6]. - The gross profit margin decreased to 46.4% in 2023 from 47.3% in 2022[6]. - The company incurred a net loss of HKD 19.8 million, an improvement from a loss of HKD 36.5 million in the previous year[6]. - Total revenue for 2023 reached HKD 1,007.8 million, a 5.0% increase from HKD 959.9 million in 2022[14]. - Gross profit for 2023 was HKD 467.8 million, a 3.0% increase, while the gross profit margin decreased to 46.4% from 47.3% in 2022[20]. - Other income surged by 478.6% to HKD 18.9 million, primarily due to government grants and supplier subsidies[22]. - The company reported a significant increase in distributable reserves, amounting to approximately HKD 734 million as of December 31, 2023, compared to HKD 236 million in 2022, reflecting a growth of 211%[170]. - The company did not declare a final dividend for the year ending December 31, 2023, maintaining the interim dividend at zero[159]. Retail Performance - Retail sales improved, with single-brand stores and multi-brand stores increasing by 2.5% and 44.3% respectively, while online sales experienced a significant decline of 79.2%[12]. - Retail sales from single-brand stores amounted to HKD 685.0 million, representing 68.0% of total revenue, with a year-on-year growth of 2.5%[14]. - Online sales significantly declined by 79.2%, dropping to HKD 24.2 million from HKD 116.4 million in 2022[14]. - The number of retail stores in mainland China decreased to 130, with a same-store sales decline of 5.3%[18]. - The average saleable area decreased from 34,582 square meters in 2022 to 31,772 square meters in 2023 due to the closure of underperforming stores in Taiwan[12]. Geographic Performance - Macau contributed significantly to revenue growth, with an increase of HKD 43.2 million, accounting for 90.1% of total revenue growth[10]. - Macau's revenue increased to HKD 481.6 million, a 9.9% rise, driven by a 394.9% increase in visitor numbers[17]. - Revenue from Hong Kong and Taiwan rose by 39.6%, with significant growth in Taiwan at 283.7%[19]. Business Strategy and Outlook - The company is diversifying its business by expanding into the food and beverage sector and children's entertainment, creating a unique concept that combines art and retail[6]. - The company anticipates a challenging 2024 due to high interest rates and geopolitical tensions affecting consumer sentiment[7]. - The company has implemented strict risk management strategies, including supply chain diversification and close monitoring of market trends[7]. - The company plans to enhance its retail store network, with 50.3% of the net proceeds allocated for this purpose, amounting to HKD 70.4 million[44]. - The group expects to complete the exploration of new brands by December 31, 2024, with an allocation of HKD 33.6 million, of which HKD 11.9 million has been utilized[44]. Employee and Cost Management - The total employee cost for 2023 was HKD 201.8 million, representing an 11.6% increase compared to HKD 180.9 million in 2022[47]. - The group employed approximately 1,174 employees as of December 31, 2023, an increase from 1,080 employees in 2022[47]. - The company has implemented strict cost control measures in response to a challenging retail environment[40]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange's Appendix C1 and has complied with its provisions for the year ending December 31, 2023[79]. - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring a strong independent element for effective judgment[85]. - The company has implemented a diversity policy for board members to enhance efficiency and performance, considering factors such as gender, skills, and professional experience[91]. - The company aims to maintain a balanced gender diversity on the board and has plans to identify and promote qualified female candidates for senior management and board positions[94]. - All independent non-executive directors have confirmed their independence according to the Stock Exchange's rules, and the board believes they meet the independence criteria[86]. - The company has established a code of conduct for securities trading, ensuring compliance with the trading regulations set forth in the Stock Exchange's Appendix C3[80]. - The board is responsible for overall strategy formulation and reviewing the group's operational and financial performance, with a focus on significant capital transactions and operational matters[85]. - The company emphasizes continuous professional development for all directors to ensure their contributions remain robust and informed[89]. - The company has established four committees, including the Audit Committee, Remuneration Committee, Nomination Committee, and an Environmental, Social, and Governance Committee, to oversee various aspects of its operations[105]. Risk Management - The company confirmed its responsibility for establishing, maintaining, and reviewing the effectiveness of the group's risk management and internal control systems[133]. - The group conducted an annual enterprise risk assessment to identify significant risks affecting its strategic objectives, prioritizing them based on likelihood and impact[137]. - The internal audit function operates independently from operational management and reports to the audit committee, identifying internal control deficiencies and suggesting improvements[138]. - As of December 31, 2023, the board, along with the audit committee, conducted a comprehensive review of the risk management and internal control systems, deeming them effective and adequate[139]. Shareholder Communication - The company adopted a revised shareholder communication policy to enhance investor relations and understanding of business performance and strategy[142]. - Shareholders can request the convening of a special general meeting if they hold at least 10% of the voting rights, with the meeting to be held within two months of the request[147]. - The company provides various communication channels for shareholders, including email notifications and access to company communications via its website[145]. - Shareholders can send written inquiries to the board at the specified address, ensuring their requests are formally signed and include contact details[150]. Sustainability and Ethics - The company is committed to promoting a culture of integrity and ethical behavior, which is integrated into various policies and employee training programs[123]. - The company has committed to environmental sustainability by implementing energy-saving measures and encouraging recycling practices[166]. - The Environmental, Social, and Governance (ESG) committee has approved a set of policies to manage key environmental issues and ensure compliance with relevant laws and regulations[121]. - The company has established an anti-corruption policy to uphold high standards of business integrity and ethics among its directors and employees[126]. - The company has implemented a whistleblowing policy to ensure transparency and accountability, with no significant fraud or misconduct reported during the review period[128].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,007,801,000, representing an increase of 5.0% compared to HKD 959,900,000 in 2022[5] - Gross profit for the same period was HKD 467,805,000, up from HKD 454,242,000, indicating a growth of 3.0%[5] - The company reported a net loss of HKD 19,794,000 for 2023, a significant improvement from a loss of HKD 36,505,000 in 2022, reflecting a reduction of 45.9%[6] - Operating profit for the year was HKD 117,000, compared to an operating loss of HKD 15,908,000 in the previous year[5] - The cost of sales for the year was HKD 539,996,000, which is an increase from HKD 505,658,000 in 2022, reflecting a rise in operational costs[20] - The total operating expenses increased to HKD 1,029,822,000 in 2023 from HKD 971,630,000 in 2022, indicating a rise in overall expenditure[27] - Employee benefits expenses rose to HKD 201,828,000 in 2023, up from HKD 180,938,000 in 2022, reflecting increased staffing costs[28] - The net loss for 2023 was HKD 19.8 million, an improvement from a net loss of HKD 36.5 million in 2022, attributed to increased supplier subsidies[107] Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 912,168,000, slightly up from HKD 910,462,000 in 2022[8] - Current assets increased to HKD 541,524,000 from HKD 518,567,000, showing a growth of 4.4%[8] - The company’s total equity decreased to HKD 218,644,000 from HKD 241,583,000, a decline of 9.5%[8] - Total liabilities increased to HKD 693,524,000 in 2023 from HKD 668,879,000 in 2022, representing a growth of approximately 3.5%[9] - Non-current liabilities rose to HKD 157,950,000 in 2023, up from HKD 150,565,000 in 2022, indicating an increase of about 4.6%[9] - Current liabilities increased to HKD 535,574,000 in 2023, compared to HKD 518,314,000 in 2022, reflecting a growth of approximately 3.3%[9] - The company's net asset value decreased to HKD 218,644,000 in 2023 from HKD 241,583,000 in 2022, a decline of about 9.5%[9] Income and Expenses - The company reported other income of HKD 18,858,000, significantly higher than HKD 3,259,000 in 2022, indicating a growth of 478.5%[5] - The company’s financing income increased to HKD 1,236,000 from HKD 391,000, reflecting a growth of 215.1%[5] - The income tax expense for 2023 was HKD 1,550,000, down from HKD 2,057,000 in 2022, representing a decrease of approximately 24.6%[32] - The basic loss per share for 2023 was HKD (0.04), an improvement from HKD (0.08) in 2022, indicating a reduction in loss per share by 50%[43] Revenue Breakdown - Revenue from retail operations decreased to HKD 899,525,000 in 2023, down 2% from HKD 916,691,000 in 2022[21] - Revenue growth in Macau accounted for HKD 43.2 million, representing 90.1% of the total revenue increase, while revenue in mainland China decreased by HKD 23.7 million[94] - Revenue from Macau increased to HKD 481.6 million, up 9.9% year-on-year, driven by a 394.9% increase in visitor numbers and a 292.2% increase in visitor spending[98] - Revenue from Mainland China decreased to HKD 426.1 million, a decline of 5.3%, with the number of stores reduced to 130 from 135[99] - Revenue from Hong Kong and Taiwan saw significant increases of 31.6% and 283.7%, respectively, with store numbers adjusted in Taiwan[100] Operational Metrics - The number of self-operated retail stores in Greater China reached 169, with 156 being single-brand stores and 13 multi-brand stores[93] - Online sales recorded a negative growth rate of 79.2%, while single-brand and multi-brand store sales increased by 2.5% and 44.3%, respectively[95] - The average sellable floor area decreased from 34,582 square meters in 2022 to 31,772 square meters in 2023 due to the closure of underperforming stores in Taiwan[95] Corporate Governance - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the relevant trading regulations[133] - The company has adhered to the corporate governance code, maintaining a balanced composition of executive and independent non-executive directors[137] - The audit committee has reviewed the accounting policies and practices, discussing risk management and internal controls for the financial year ending December 31, 2023[138] Shareholder Information - As of December 31, 2023, Mr. Fan Rongting holds 300,000,000 shares in Gold Star Fashion Limited, representing a 75% equity interest[130] - Gold Star Fashion Limited is the sole beneficial owner of the 300,000,000 shares, as Mr. Fan owns the entire issued share capital of the company[132] - Ms. Zheng Qiongli, as Mr. Fan's spouse, is deemed to have an interest in the shares held by Mr. Fan, which also amounts to 300,000,000 shares or 75%[132]