Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 505.43 million, an increase of 1.33% compared to HKD 495.78 million in the same period of 2022[6] - Gross profit decreased to HKD 235.43 million, down 3.54% from HKD 244.29 million year-on-year[6] - The company reported a loss of HKD 7.40 million for the period, significantly improved from a loss of HKD 22.69 million in the previous year[6] - Basic and diluted loss per share improved to HKD 0.02 from HKD 0.06 in the same period last year[9] - The company reported a net cash inflow from operating activities of HKD 111,249,000 for the six months ended June 30, 2023, compared to a cash outflow of HKD 11,679,000 in the same period of 2022[20] - The total comprehensive loss for the period was HKD 23,141,000, which includes a loss of HKD 6,261,000 and other comprehensive losses of HKD 5,183,000[18] - The company experienced a net loss of HKD 7,404 thousand for the six months ended June 30, 2023, compared to a net loss of HKD 22,686 thousand for the same period in 2022, indicating an improvement in financial performance[43] - The net loss attributable to equity holders of the company narrowed to HKD 6,261,000 in 2023 compared to HKD 23,141,000 in 2022, indicating improved financial performance[54] Assets and Liabilities - Current ratio remained stable at 1.0, while the debt-to-asset ratio increased slightly to 59% from 58%[6] - Non-current assets increased to HKD 398.46 million from HKD 391.90 million, driven by investments in property and equipment[14] - The company’s total liabilities increased, reflecting ongoing financial commitments and operational costs[30] - The group’s current liabilities net value was HKD 6.4 million, a decrease of HKD 6.7 million from December 31, 2022, primarily due to a reduction in current assets by HKD 28.8 million[104] - The group’s total borrowings amounted to HKD 80.8 million as of June 30, 2023, down from HKD 90.0 million as of December 31, 2022[105] - The asset-to-liability ratio was 59% as of June 30, 2023, compared to 58% as of December 31, 2022[105] Cash Flow and Financing - The company reported a decrease in cash flow from financing activities, with a net cash outflow of HKD 92,148,000 compared to a net inflow of HKD 33,628,000 in the previous year[20] - The company incurred capital expenditures of HKD 27,186,000 for the purchase of property, plant, and equipment during the first half of 2023[20] - The company reported a net financing cost of HKD 9.54 million, slightly improved from HKD 9.64 million in the previous year[9] - The financing costs net amount decreased to HKD 0.1 million, down 1.0% year-on-year due to a reduction in lease liabilities[100] Revenue Segments - Retail segment revenue was HKD 464,778 thousand, slightly down from HKD 465,685 thousand in the previous year, while the restaurant service segment generated HKD 10,342 thousand, a new addition to the revenue streams[46] - Revenue from single-brand stores decreased by 5.4% to HKD 363.7 million, while multi-brand stores saw a significant increase of 35.6% to HKD 93.9 million[93] - Revenue from mainland China decreased by 8.9% to HKD 228.1 million, while Macau's revenue increased by 8.1% to HKD 225.6 million, and Hong Kong and Taiwan saw a 41.8% increase to HKD 51.7 million[94] - Online sales experienced a decline of 39.2%, generating only HKD 7.2 million compared to HKD 11.8 million in the previous year[93] Expenses - The total expenses for the period were HKD 506,820,000 in 2023, slightly up from HKD 504,121,000 in 2022, reflecting a marginal increase of 0.5%[50] - The group’s administrative expenses for the period were HKD 49,371 thousand, slightly lower than HKD 50,908 thousand in the previous year[43] - The total employee cost for the six months ended June 30, 2023, was HKD 106.6 million, representing a year-on-year increase of 23.3%[116] - Employee benefit expenses rose to HKD 106,635,000 in the first half of 2023, up from HKD 86,518,000 in the same period of 2022, indicating a 23.2% increase[50] Inventory and Receivables - Inventory decreased to HKD 255.79 million from HKD 274.11 million, indicating a reduction in stock levels[15] - Trade receivables decreased to HKD 29.11 million from HKD 40.29 million, reflecting improved collection efforts[15] - Trade receivables decreased to HKD 29,562 thousand as of June 30, 2023, compared to HKD 40,741 thousand as of December 31, 2022, a decline of approximately 27.4%[65] - Inventory measured at cost decreased to HKD 216,747 thousand as of June 30, 2023, from HKD 242,727 thousand as of December 31, 2022, a reduction of about 10.7%[63] Corporate Governance and Strategy - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current period[28] - The company has complied with the corporate governance code during the six months ended June 30, 2023, ensuring a balanced composition of executive and independent non-executive directors[128] - The audit committee has reviewed the accounting principles and practices adopted by the company, discussing risk management and internal controls for the six months ended June 30, 2023[129] - The group is committed to a cautious expansion strategy despite challenges in the retail sector, focusing on long-term growth[112] Market Outlook - The group anticipates that 2023 will remain challenging due to high interest rates and the uncertain outlook of the Russia-Ukraine conflict[112] - The company continues to face various financial risks, including market risk and liquidity risk, which may affect future performance[30]

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 （於開曼群島註冊成立的有限公司） （股份代號：2528） 截 至2023年6月30日 止 六 個 月 之 未 經 審 核 中 期 業 績 尚晉（國際）控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附 屬公司（「本集團」）截至2023年6月30日止六個月之未經審核綜合財務報表連同 截至2022年6月30日止六個月之比較數字。財務資料已獲董事會批准。 財務摘要 截至2023年 截至2022年 6月30日止 6月30日止 六個月 六個月 收益 百萬港元 505.43 495.78 毛利 百萬港元 235.43 244.29 ...

Financial Performance - The company recorded revenue of HKD 959.9 million for the year ended December 31, 2022, a decrease of 21.9% compared to HKD 1,228.3 million in 2021[6]. - The gross profit margin decreased to 47.3% in 2022 from 53.0% in 2021[6]. - The company incurred a net loss of HKD 36.5 million in 2022, compared to a profit of HKD 31.6 million in 2021[6]. - Retail revenue from single-brand stores dropped by 29.5% to HKD 668.4 million, while multi-brand stores fell by 39.4% to HKD 131.9 million[14]. - Gross profit fell by 30.2% to HKD 454.2 million, with the gross margin declining from 53.0% in 2021 to 47.3% in 2022[20]. - The net loss for 2022 was HKD 36.5 million, compared to a profit of HKD 31.6 million in 2021, primarily due to a revenue decrease of HKD 268.4 million[26]. - The company reported a reserve of approximately HKD 236 million available for distribution to shareholders as of December 31, 2022, down from HKD 300 million in 2021[169]. - The board did not recommend the declaration of a final dividend for the year ended December 31, 2022, maintaining the interim dividend at zero[159]. Retail Operations - The number of retail stores remained at 184, with a total retail area exceeding 34,000 square meters[6]. - The number of retail stores decreased from 216 in 2021 to 184 in 2022, with a total of 68 stores closed[14]. - The company plans to open a new retail store, Artelli, in Macau, which combines modern gallery concepts with fashion retail, covering over 500 square meters[7]. - The company’s average sellable floor area decreased from 36,547 square meters in 2021 to 34,582 square meters in 2022 due to the closure of underperforming stores[12]. Online Sales - Online sales experienced a growth rate of 339.2% in 2022, while single-brand and multi-brand store sales decreased by 29.5% and 39.4%, respectively[12]. - Online sales surged by 339.2% to HKD 116.4 million, increasing its contribution to total revenue from 2.2% in 2021 to 12.1% in 2022[14]. - The company aims to enhance its online sales with a budget of HKD 8.0 million, which has been fully utilized[44]. Market Outlook - The company is optimistic about sales recovery with the reopening of cross-border travel and has several promising new projects in the pipeline[7]. - The company’s revenue decline was significantly impacted by a 26.0% decrease in the number of visitors to Macau and a 25.7% drop in total visitor spending[11]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[62]. - New product launches are expected to contribute an additional $50 million in revenue, with a focus on sustainable fashion lines[62]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[62]. Cost Management - The company aims to strengthen management and cost control measures to maintain robust cash flow and financial stability amid ongoing market challenges[11]. - Operating expenses for sales and marketing decreased by 25.0% to HKD 371.7 million, while general and administrative expenses fell by 19.3% to HKD 94.3 million[23]. - The total employee cost for 2022 was HKD 180.9 million, a decrease of 22.3% from HKD 232.8 million in 2021, with approximately 1,080 employees as of December 31, 2022, down from 1,300 in the previous year[47]. Corporate Governance - The company has maintained compliance with the corporate governance code as of December 31, 2022, ensuring transparency and accountability in its operations[83]. - The board consists of eight members, including five executive directors and three independent non-executive directors, responsible for overall strategy and financial performance review[88]. - The company emphasizes continuous professional development for all directors to maintain their knowledge and skills relevant to their roles[92]. - The company has adopted a strict code of conduct for securities trading by directors, ensuring adherence to regulatory standards[84]. - The company has established a mechanism to ensure independent opinions are received by the board, allowing independent non-executive directors to seek further information from management[101]. Risk Management - The board of directors is responsible for establishing, maintaining, and reviewing the effectiveness of the company's risk management and internal control systems[140]. - The company has conducted an annual corporate risk assessment to identify significant risks that may impact its strategic objectives, prioritizing them based on likelihood and impact[137]. - The internal audit function operates independently from management and reports to the audit committee, identifying internal control deficiencies and suggesting improvements[139]. - The board has reviewed the risk management and internal control systems and considers them effective and adequate as of December 31, 2022[140]. Sustainability and Integrity - The company is committed to environmental sustainability, focusing on energy conservation and recycling initiatives[165]. - The management team emphasized a commitment to sustainability, aiming for a 50% reduction in carbon footprint by 2025[62]. - The company is committed to maintaining high standards of business integrity and has implemented an anti-corruption policy to prevent fraud and corruption[127]. - No significant incidents of fraud or misconduct affecting the company's financial statements were reported during the review year[130]. Shareholder Communication - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[144]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy and considers it effective[145]. - Shareholders holding at least 10% of the voting rights can request the board to convene a special general meeting within two months of the request[147].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Forward Fashion (International) Holdings Company Limited 尚 晉（國 際）控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2528） 截 至2022年12月31日 止 年 度 全 年 業 績 公 告 尚晉（國際）控股有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附 屬公司（統稱「本集團」）截至2022年12月31日止年度的經審核綜合財務報表，連 同截至2021年12月31日止年度的比較數字。財務資料已獲董事會批准。 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 495.78 million, a decrease of 20.8% compared to HKD 625.80 million for the same period in 2021[6] - Gross profit for the same period was HKD 244.29 million, down 24.3% from HKD 322.33 million in 2021[6] - The company reported a loss of HKD 22.69 million for the six months ended June 30, 2022, compared to a profit of HKD 15.8 million in the previous year[6] - The company reported a basic and diluted loss per share of HKD 0.06 for the six months ended June 30, 2022, compared to earnings of HKD 0.04 in 2021[8] - The company reported a loss of HKD 23,141 thousand for the period, compared to a profit of HKD 15,556 thousand in the same period of 2021[17] - The group recorded a net loss of HKD 22.7 million for the six months ended June 30, 2022, compared to a profit of HKD 15.8 million for the same period in 2021, primarily due to a revenue decrease of HKD 130.0 million[122] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 1,014.95 million, down from HKD 1,129.37 million as of December 31, 2021[13] - Non-current assets decreased to HKD 390.06 million from HKD 481.25 million in the previous year[13] - Cash and cash equivalents increased to HKD 196.65 million from HKD 115.89 million as of December 31, 2021[13] - Current liabilities totaled HKD 579,321 thousand as of June 30, 2022, compared to HKD 642,126 thousand in 2021, indicating a reduction of about 9.8%[15] - Total liabilities decreased to HKD 744,949 thousand in 2022 from HKD 829,736 thousand in 2021, reflecting a decline of approximately 10.2%[15] - The total equity as of June 30, 2022, was HKD 270,004 thousand, down from HKD 299,636 thousand in 2021, indicating a decrease of approximately 9.9%[17] Revenue Breakdown - Total revenue for the six months ended June 30, 2022, was HKD 495.776 million, with external customer revenue contributing HKD 495.776 million[63] - The total segment revenue for Mainland China was HKD 250.536 million, while Hong Kong and Macau contributed HKD 208.794 million and HKD 36.446 million respectively[63] - Retail segment revenue decreased to HKD 465,685,000 from HKD 613,663,000, representing a decline of 24.1% year-over-year[70] - Revenue from mainland China was HKD 250.5 million, representing a 13.0% decrease year-on-year, while Macau's revenue fell by 28.9% to HKD 208.8 million[115] Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2022, was negative at HKD (11,679) thousand, compared to positive HKD 176,213 thousand in 2021[19] - The company’s financing activities generated a net cash inflow of HKD 33,628 thousand in the first half of 2022, compared to a net cash outflow of HKD (241,340) thousand in the same period of 2021[19] - The company’s financing costs for the period were HKD 10,737,000, leading to a net financing cost of HKD 10,181,000[72] - Financing costs decreased to HKD 9.6 million, a year-on-year decrease of 5.3%, primarily due to lower interest expenses from lease liabilities and bank borrowings[120] Cost Management - The group implemented cost control measures on merchandise costs, rental expenses, and employee costs to maintain cash flow stability[111] - Total operating expenses for the six months were HKD 504,121,000, a decrease of 16.3% from HKD 602,798,000 in 2021[73] - Operating expenses for sales and marketing decreased to HKD 201.7 million, down 18.0% year-on-year, mainly due to a reduction in employee benefits expenses by HKD 21.8 million[119] Inventory and Receivables - Inventory as of June 30, 2022, was HKD 264.59 million, slightly up from HKD 260.41 million in the previous year[13] - Trade receivables from third parties amounted to HKD 46,334,000 as of June 30, 2022, a decrease of 8.4% from HKD 50,470,000 as of December 31, 2021[14] - The net amount of trade receivables was HKD 45,983,000, down from HKD 49,791,000, reflecting a decline of 7.3% year-over-year[14] Corporate Governance - The company has complied with the corporate governance code during the six months ended June 30, 2022, ensuring a balanced composition of executive and independent non-executive directors[149] - The board of directors does not recommend the declaration of an interim dividend for the six months ended June 30, 2022, consistent with the previous year[148] Future Outlook - The company plans to focus on expanding its retail and wholesale segments to recover from the decline in revenue[68] - The group anticipates that the impact of the pandemic will diminish, and it will continue to strengthen existing prudent measures, including cost control and efficiency optimization[131]

Financial Performance - The company reported a revenue of HKD 1,228.3 million for 2021, representing a year-on-year growth of 38.9%[8] - Gross profit margin improved from 44.8% in 2020 to 53.0% in 2021[8] - Basic earnings per share increased from a loss of HKD 0.33 in 2020 to a profit of HKD 0.08 in 2021[8] - The group's revenue for 2021 increased to HKD 1,228.3 million, a year-on-year increase of 38.9% from HKD 884.5 million in 2020, primarily due to the recovery of the Chinese market from the pandemic[19] - Gross profit rose by HKD 254.8 million, or 64.3%, to HKD 651.1 million, with the gross profit margin increasing from 44.8% in 2020 to 53.0% in 2021[23] - The net profit for 2021 was HKD 31.6 million, a significant recovery from a loss of HKD 136.4 million in 2020, attributed to a revenue increase of HKD 343.8 million[29] Retail Operations - The company operated 216 self-operated retail stores in Greater China as of December 31, 2021, including 190 single-brand stores and 26 multi-brand stores[13] - The number of retail stores increased to 216 in 2021, with 47 new openings and 40 closures, achieving a same-store sales growth of 33.1%[19] - Revenue from Macau increased to HKD 585.8 million, a year-on-year increase of 53.0%, driven by a 30.7% increase in visitor numbers[20] - Revenue from mainland China reached HKD 549.5 million, a year-on-year increase of 22.7%, with a total of 145 stores by the end of 2021[21] Online Sales and Market Strategy - The company plans to enhance online sales channels and strengthen the integration of online and offline operations for long-term development[9] - Online sales recorded a growth rate of 320.6%, while single-brand and multi-brand store sales increased by 32.2% and 51.5% respectively[19] - The company aims to introduce quality fashion brands and diversify its brand offerings in the post-pandemic era[10] - The ongoing pandemic is expected to continue impacting the apparel retail market, prompting the company to adopt cautious measures and enhance online sales channels for future expansion[42] Financial Health and Management - The company will continue to adopt a cautious approach and closely monitor market conditions to maintain stable cash flow and financial health[14] - Selling and marketing expenses increased to HKD 495.3 million, a year-on-year increase of 16.9%, mainly due to reduced rental concessions related to the pandemic[26] - As of December 31, 2021, the group's current assets net value was HKD 6.0 million, a decrease of HKD 47.2 million compared to December 31, 2020, primarily due to a reduction in current assets by HKD 100.2 million[31] - Cash and cash equivalents as of December 31, 2021, were HKD 115.9 million, down HKD 93.7 million from December 31, 2020[33] - The current ratio decreased to 1.0 times as of December 31, 2021, from 1.1 times as of December 31, 2020, due to a larger decrease in cash and cash equivalents compared to current liabilities[35] - The debt-to-equity ratio as of December 31, 2021, was 59%, down from 63% as of December 31, 2020[36] Corporate Governance - The company has a commitment to maintaining high standards in corporate governance and compliance[66] - The board of directors has emphasized the importance of maintaining strong corporate governance standards to ensure transparency and accountability[79] - The company has received confirmation of independence from all independent non-executive directors, ensuring compliance with regulatory standards[85] - The board has reviewed the resources and qualifications of the accounting, internal audit, and financial reporting functions, deeming them effective and sufficient[122] Risk Management - The company has established a robust risk management and internal control system to achieve strategic goals and protect shareholder investments[117] - An annual enterprise risk assessment has been conducted to identify significant risks affecting the company's strategic objectives[119] - 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[120] Employee and Compensation Policies - The total employee cost for 2021 was HKD 232.8 million, an increase of 30.4% from HKD 178.6 million in 2020, with approximately 1,300 employees as of December 31, 2021[48] - The company's employee compensation policy is based on performance, qualifications, and capabilities, with potential discretionary bonuses linked to the company's profitability[152] Stock Option Plan - The stock option plan, adopted on December 17, 2019, aims to reward participants for their contributions to the group[158] - The maximum number of shares that can be issued under the stock option plan shall not exceed 10% of the total issued shares post-listing[172] - The exercise price for shares under the stock option plan must be at least the higher of the official closing price on the offer date or the average official closing price over the five trading days preceding the offer date[170] - The company must not grant any stock options while in possession of inside information until such information is publicly disclosed[164] Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of A% and an expected EBITDA margin of B%[71] - New product launches are anticipated to contribute an additional C million in revenue, with a focus on expanding the product line in the D market[71] - Market expansion plans include entering F new regions, with an estimated investment of G million to establish a local presence[71] - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the H sector[71]