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]

Forward Fashion (International) Holdings Company Limited （於開曼群島註冊成立的有限公司） 股份代號 : 2528 IIIIIIIIIIIIIIIIIIIIIIIIIIIIII | | 2021 中期報告 目錄 | --- | --- | |--------------------------|-------| | | 頁次 | | 公司資料 | 2 | | 財務摘要 | 3 | | 簡明綜合損益表 | 4 | | 簡明綜合中期全面收益表 | 5 | | 簡明綜合中期財務狀況表 | 6 | | 簡明綜合中期權益變動表 | 8 | | 簡明綜合中期現金流量表 | 9 | | 簡明綜合中期財務資料附註 | 10 | | 管理層討論及分析 | 32 | | | | 其他資料 38 中期報告2021 尚晉（國際）控股有限公司 公司資料 | --- | --- | |------------------------------------------------------|--------------------------------------------- ...

Forward Fashion (International) Holdings Company Limited （於開曼群島註冊成立的有限公司） 股份代號 : 2528 || ATHURLE / CCC / F / 2020 年報 目錄 1 | --- | --- | |------------------|-------| | | 頁次 | | 公司資料 | 2 | | 主席致辭 | 3 | | 管理層討論及分析 | 4 | | 董事及高級管理層 | 11 | | 企業管治報告 | 17 | | 董事會報告 | 28 | | 獨立核數師報告 | 47 | | 綜合損益表 | 54 | | 綜合全面收益表 | 55 | | 綜合財務狀況表 | 56 | | 綜合權益變動表 | 58 | | 綜合現金流量表 | 60 | | 綜合財務報表附註 | 61 | | 五年財務資料 | 138 | 二零二零年年報 尚晉（國際）控股有限公司 公司資料 | --- | --- | |---------------------------------------------------------------------- ...

Forward Fashion (International) Holdings Company Limited （於開曼群島註冊成立的有限公司） 股份代號 : 2528 (1)| 2020 中期報告 目錄 | --- | --- | |----------------------|-------| | | 頁次 | | 公司資料 | 2 | | 財務摘要 | 3 | | 簡明綜合損益表 | 4 | | 簡明綜合全面收益表 | 5 | | 簡明綜合財務狀況表 | 6 | | 簡明綜合權益變動表 | 8 | | 簡明綜合現金流量表 | 9 | | 簡明綜合財務資料附註 | 10 | | 管理層討論及分析 | 38 | | | | 其他資料 44 中期報告2020 尚晉（國際）控股有限公司 02528 公司資料 | --- | --- | |---------------------------------------------|--------------------------------------------| | | | | 董事會 | 開曼群島註冊辦事處 | | 執行董事 | Cricket Squ ...

FORWARDF. HION 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 || ATHOME | TO F F F F 2019 年報 目錄 1 | --- | --- | |------------------|-------| | | 頁次 | | 公司資料 | 2 | | 主席致辭 | 3 | | 管理層討論及分析 | 5 | | 董事及高級管理層 | 14 | | 企業管治報告 | 20 | | 董事會報告 | 32 | | 獨立核數師報告 | 51 | | 綜合損益表 | 56 | | 綜合全面收益表 | 57 | | 綜合財務狀況表 | 58 | | 綜合權益變動表 | 60 | | 綜合現金流量表 | 62 | | 綜合財務報表附註 | 63 | | 四年財務資料 | 138 | 二零一九年年報 尚晉（國際）控股有限公司 公司資料 | --- | --- | |------------------------------------------ ...