香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 WAH SUN HANDBAGS INTERNATIONAL HOLDINGS LIMITED 華 新 手 袋 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：2683） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績、 股 息 及 暫 停 辦 理 股 份 過 戶 登 記 手 續 華新手袋國際控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 （「董事」）會（「董事會」）宣佈本集團截至二零二三年九月三十日止六個月（「二零 二三年上半年」）的未經審核簡明綜合中期業績以及截至二零二二 年九月三十 日止六個月（「二零二二年上半年」）的比較數字。 摘要 • 二零二三年上半年收益增加約35.1%至約334,500,000港元（二零二二年上半 年：約247,600,000港元）。 • 二 零 二 三 年 上 半 年 毛 利 ...

Financial Performance - The company's revenue for the fiscal year ended March 31, 2023, decreased by approximately HKD 171 million or 27.7% to about HKD 446.5 million compared to the previous year[18]. - Profit attributable to the company's owners dropped from approximately HKD 39.5 million to about HKD 8.5 million, a decrease of approximately HKD 31 million[18]. - The group's revenue decreased from approximately HKD 617.6 million in 2022 to about HKD 446.5 million in the current year, representing a decline of approximately 27.7%[31]. - Revenue from U.S. customers fell from approximately HKD 494 million to about HKD 347.3 million, a decrease of approximately HKD 146.7 million, primarily due to rising interest and inflation rates affecting purchasing power and consumer confidence[31]. - Gross profit decreased from approximately HKD 127.6 million in 2022 to about HKD 67.6 million in 2023, a decline of approximately 47.1%[38]. - Gross margin fell from approximately 20.7% in 2022 to about 15.1% in 2023, a decrease of about 5.6 percentage points[38]. - Net profit for the year dropped from approximately HKD 39.4 million in 2022 to about HKD 6 million in 2023, a decline of approximately 84.7%[47]. - The company maintained a cash and cash equivalents balance of approximately HKD 103 million as of March 31, 2023, down from HKD 116.5 million in 2022[53]. - The current ratio improved slightly from 2.5 in 2022 to 2.6 in 2023, indicating a stable liquidity position[53]. - The net debt to equity ratio remained at cash net position, reflecting a strong financial condition[56]. Market Conditions - Procurement orders from the United States decreased by approximately HKD 147 million or 30% due to a challenging macroeconomic environment[18]. - The company faces increased pricing competition from Southeast Asian competitors due to disruptions caused by COVID-19 in the previous year[14]. - The overall economic recovery in major global economies is expected to improve market sentiment, although risks remain due to rising U.S. interest and inflation rates[14]. - The U.S. Generalized System of Preferences (GSP) expired on December 31, 2020, impacting import duties on goods from Cambodia[17]. - The UK Development Country Trade Scheme will replace the current Generalized System of Preferences and will take effect in April 2023 for Cambodia, allowing for easier export of goods with mixed origins[75]. Production and Operations - The Cambodian production facilities account for about 90% of the company's total production capacity, enhancing efficiency and profitability[15]. - The company upgraded production facilities and optimized production processes to meet higher demands from existing and new customers[18]. - Sales revenue from products manufactured in Cambodia was HKD 408.996 million (91.6% of total sales), while sales from Dongguan, China, were HKD 37.522 million (8.4%) for the year ending March 31[32]. - Approximately 94% of total revenue for the year came from the group's five largest customers, with the largest single customer accounting for about 30% of total revenue[32]. Strategic Initiatives - The company emphasizes cost optimization as a key strategy to maintain substantial returns despite intensified competition[18]. - The group aims to strengthen its customer base by continuing to develop business with existing clients and seeking new customers to gain greater market share[32]. - The group plans to focus on market developments and opportunities, new revenue sources, and balanced growth to create sustainable returns for shareholders[29]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million earmarked for potential deals[141]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives[141]. Employee and Corporate Governance - The group employed a total of 3,477 employees as of March 31, 2023, down from 4,641 employees as of March 31, 2022[59]. - Employee costs, including director remuneration, were approximately HKD 137.1 million for the year, compared to HKD 158.5 million in the previous year[59]. - The board proposed a final dividend of zero HKD per share for the current year, down from 2.0 HKD cents per share in the previous year, and a special dividend of 1.0 HKD cent per share, also down from 2.0 HKD cents per share[65]. - The board of directors includes both executive and independent non-executive members, with specific terms for rotation and re-election every three years[179]. - All independent non-executive directors have confirmed their independence according to the listing rules, and the company believes they remain independent[184]. Future Outlook - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[141]. - New product launches are expected to contribute an additional $200 million in revenue over the next year[141]. - Operational efficiency improvements are anticipated to reduce costs by 5% in the upcoming year[141]. - The company aims to increase its market share by 3% through targeted marketing strategies[141]. Economic and Social Context in Cambodia - Cambodia's GDP growth rate from 2017 to 2021 ranged from -3.1% to 7.5%, with a compound annual growth rate of 3.52% during this period[97]. - The construction sector accounts for the largest share of foreign investment, followed by infrastructure, industry (mainly textiles), agriculture, and tourism[88]. - The rise in the middle class in Cambodia is expected to enhance consumer spending and market potential in the future[119]. - The Cambodian economy is projected to recover strongly in 2022 as the government lifts most COVID-19 restrictions, with GDP growth expected to resume[97]. - Despite corruption and rising wages, Cambodia's economy is projected to grow steadily, creating opportunities in the local market[128].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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 會對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。 WAH SUN HANDBAGS INTERNATIONAL HOLDINGS LIMITED 華 新 手 袋 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：2683） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 末 期 業 績 華新手袋國際控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（分別為「董事會」及「董事」）謹此宣佈本集團截至二零二三年三月三十一日止 年度（「本年度」）的經審核綜合業績以及截至二零二二年三月三十一日止年度 （「二零二二年度」）的比較數字。 摘要 • 本年度收益減少約27.7%至約446,500,000港元（二零二二年度：約617,600,000 港元）； • 本年度毛利減少約47.1%至約67,600,000港元（二零二二年度：約127,600,000港 元）； • 本年度毛利率減少約5 ...

Financial Performance - For the six months ended September 30, 2022, the company's revenue decreased by approximately HKD 68.9 million or 21.8% to HKD 247.6 million compared to the same period in 2021[12]. - The profit attributable to owners of the company decreased from approximately HKD 17.8 million in the first half of 2021 to approximately HKD 7.3 million, a reduction of about HKD 10.5 million[12]. - The company's revenue decreased from approximately HKD 316.4 million in the first half of 2021 to approximately HKD 247.6 million in the first half of 2022, a decline of about 21.8%[19]. - Revenue from U.S. customers fell by approximately HKD 60.4 million or 23.7%, from approximately HKD 254.6 million in the first half of 2021 to approximately HKD 194.3 million in the first half of 2022, primarily due to rising interest and inflation rates affecting purchasing power and consumer confidence[19]. - Gross profit decreased from approximately HKD 62.3 million in the first half of 2021 to approximately HKD 35 million in the first half of 2022, a decline of about 43.8%, with gross margin dropping from 19.7% to 14.1%[27]. - Operating profit decreased to HKD 8,704,000, a decline of 62.3% from HKD 23,084,000 in the prior year[104]. - Net profit for the period was HKD 6,217,000, a decrease of 64.9% compared to HKD 17,773,000 in the same period last year[104]. - Basic and diluted earnings per share were HKD 1.8, down from HKD 4.3 in the previous year[104]. - The company's profit for the six months ended September 30, 2022, was HKD 6,217,000, a decrease of 65% compared to HKD 17,773,000 in the same period of 2021[106]. - Total comprehensive income for the period was HKD 6,098,000, down from HKD 17,795,000 year-on-year[106]. Operational Strategies - The company continues to focus on sustainable operations and internal controls to mitigate production risks in a volatile business environment[11]. - The company is adapting its business strategies swiftly in response to market changes and competitive pressures from Southeast Asian manufacturers[11]. - The company emphasizes the importance of diversifying production risks amid increasing global competition and cooperation complexities[11]. - The management remains cautious and is adjusting operational strategies to navigate the challenges posed by the ongoing COVID-19 pandemic and its impact on logistics and inventory pressures[10]. - The company plans to strengthen its customer base by developing existing business relationships and seeking new customers in different markets[20]. - The company plans to continue focusing on product development and market expansion strategies to enhance future performance[119]. Production and Manufacturing - Approximately 90% of the company's total production capacity is now based in Cambodia, which has become a preferred manufacturing base due to its labor cost advantages and stable political situation[11]. - The sales revenue from products manufactured in Cambodia was approximately HKD 224.2 million, accounting for 91% of total sales, while sales from Dongguan, China, were approximately HKD 23.4 million, accounting for 9%[20]. - The company has leased another factory in Dongguan to support its existing and future business development plans, with the relocation of operations from the old factory completed in August 2022[55]. Financial Position - As of September 30, 2022, the group had cash and cash equivalents of approximately HKD 131,300,000, an increase from approximately HKD 116,500,000 as of March 31, 2022[42]. - The current ratio as of September 30, 2022, was 2.4, slightly down from 2.5 as of March 31, 2022, indicating stable liquidity[43]. - The group maintained a net cash position and a robust current ratio, reflecting a strong financial condition[46]. - The total assets as of September 30, 2022, were HKD 411,501,000, a slight decrease from HKD 416,991,000 as of March 31, 2022[109]. - Cash and cash equivalents increased to HKD 131,315,000 from HKD 116,547,000, reflecting a positive cash flow trend[116]. - Operating cash flow for the six months ended September 30, 2022, was HKD 25,131,000, a significant improvement from a cash outflow of HKD 18,284,000 in the previous year[116]. - The company has a total of 301,138,000 shares held by major shareholders, representing approximately 73.70% of the issued shares as of September 30, 2022[78]. - The total issued shares of the company as of September 30, 2022, are 408,626,000[90]. Shareholder Information - The major shareholders include Mr. Ma Qingwen, Mr. Ma Qingming, Ms. Ma Lanzhu, Mr. Ma Renzhi, and Ms. Ma Lanxiang, each holding 20% of the equity in Huaxin Holdings[76]. - The equity percentage of Huaxin Holdings in the company is 73.70%, indicating a significant level of control[86]. - The shareholders' agreement includes provisions for the integration of interests and management control over both Huaxin Holdings and the company[76]. Dividends and Returns - The company declared an interim dividend of HKD 0.01 per share for the first half of 2022, down from HKD 0.015 per share in the first half of 2021, with no special dividend declared[18]. - The interim dividend declared was HKD 0.01 per share, compared to HKD 0.015 per share in the previous year, representing a decrease of 33.3%[149]. Risks and Challenges - The company is facing increased downward risks due to rising interest and inflation rates in the U.S., which may affect consumer purchasing power and confidence[10]. - The U.S. Generalized System of Preferences (GSP) program, which allowed eligible goods from Cambodia to enter the U.S. duty-free, has not yet been reauthorized by Congress, creating uncertainty for future imports[11]. - The company recognizes the competitive pricing pressures from Southeast Asian competitors, which have intensified due to disruptions caused by COVID-19 in the previous fiscal year[10]. - The company faced various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the end of the last fiscal year[129]. Asset Management - The company has reclassified its industrial property in China as investment property as of September 30, 2022, reflecting a strategic realignment of its asset portfolio[163]. - The fair value of financial assets measured at fair value through profit or loss increased to HKD 1,350,000 as of September 30, 2022, from HKD 1,330,000 as of March 31, 2022, showing a slight increase of 1.5%[166]. - The company’s inventory levels showed a decrease in raw materials to HKD 54,615,000 as of September 30, 2022, down from HKD 63,350,000 as of March 31, 2022, indicating a reduction of approximately 13.7%[168]. Miscellaneous - The company has not repurchased any of its listed securities during the first half of 2022[91]. - There were no conflicts of interest reported by directors or controlling shareholders in competing businesses during the first half of 2022[93]. - The company did not experience significant impacts from the adoption of new accounting standards effective from April 1, 2022[122].

COVID-19 Impact and Response - The company reported a significant impact from the COVID-19 pandemic, leading to a temporary suspension of operations in Cambodia from May 15 to May 28, 2021, due to confirmed COVID-19 cases among employees[21]. - The company has implemented remote work policies in Hong Kong from early February to early April 2022 to ensure employee safety amid rising COVID-19 cases[21]. - The company’s main production facility in Cambodia reopened on May 31, 2021, after thorough cleaning and review of preventive measures[21]. - The company noted that most employees have been vaccinated as of the date of the annual report[21]. - The company is focused on enhancing health and safety measures for employees and their families during the pandemic[21]. Financial Performance - The company's revenue increased by approximately HKD 213.7 million or 52.9% to about HKD 617.6 million for the year[25]. - Profit attributable to owners rose from approximately HKD 5.6 million to about HKD 39.5 million, an increase of approximately HKD 34 million[25]. - Revenue from U.S. customers increased by approximately HKD 191.2 million to about HKD 494 million, driven by market recovery and improved consumer spending[35]. - Sales revenue from Cambodia accounted for 93.1% of total sales, while Dongguan, China contributed 6.9%[36]. - The average selling price per item increased from HKD 60.7 to HKD 75.5, reflecting the complexity of products sold[38]. - The company's sales cost rose by approximately 45.5% to about HKD 490 million, with strict cost control measures implemented[40]. - Gross profit increased by approximately 89.9% to about HKD 127.6 million, with gross margin rising from 16.6% to 20.7%[41]. - The group's net profit for the year increased by approximately HKD 33,800,000 or 608.1% to approximately HKD 39,400,000, with a profit margin rising from 1.4% to 6.4%[50]. Expenses and Costs - Sales and distribution expenses rose from approximately HKD 21,700,000 to approximately HKD 27,500,000, an increase of about 26.5%, primarily due to higher transportation and customs costs[43]. - Administrative expenses increased from approximately HKD 34,700,000 to approximately HKD 44,500,000, reflecting a rise of about 28.3% as the company resumed normal operations after temporary cost control measures in the previous year[44]. - The group's financing costs net increased by approximately HKD 200,000 or 7.8% to approximately HKD 2,100,000, mainly due to a decrease in financing income[48]. - Income tax expenses surged from HKD 3,600,000 to approximately HKD 13,000,000, an increase of about 255.0%, attributed to higher taxable profits[49]. Corporate Governance - The company has a strong governance structure with experienced board members from various sectors, including law and finance[146][149][151]. - The company emphasizes the importance of independent oversight in its operations and decision-making processes[153]. - The board includes members with extensive experience in accounting, finance, and auditing, enhancing the company's financial oversight capabilities[153]. - The company is committed to maintaining high standards of corporate governance through its independent directors[145][149]. Market and Economic Context - The company anticipates that Cambodia will remain a preferred production base due to its relatively low labor costs and stable political situation compared to other Southeast Asian countries[24]. - The company highlighted the ongoing trade disputes between China and the U.S. as a potential downside risk for operations[22]. - The EU has revoked some tariff preferences for Cambodia, impacting higher value-added products, while the US GSP program expired on December 31, 2020, leading to normal tariffs on goods[137]. - The Cambodian government announced a full reopening of all sectors in November 2021, following the control of the COVID-19 outbreak[82]. Employee and Operational Insights - The group employed a total of 4,641 employees as of March 31, 2022, compared to 3,826 employees as of March 31, 2021[63]. - Employee costs, including directors' remuneration, amounted to approximately HKD 158.5 million for the year, up from approximately HKD 101.6 million in the previous year[63]. - The company has over 33 years of experience in manufacturing and trade, with key executives overseeing production and quality control[144]. - The company actively engages in professional development and governance practices to enhance its operational effectiveness[153]. Future Plans and Investments - The company plans to relocate its Dongguan factory to a new site, with the aim of generating rental income post-relocation[28]. - The company plans to continue utilizing the remaining net proceeds according to the reallocation purposes and proportions, while evaluating business objectives[181]. - Approximately HKD 25.6 million (30.0%) was allocated for expanding production facilities in Cambodia, including construction of factory buildings and purchasing production equipment[180]. - The company has not experienced any major changes in its operational strategy or market expansion plans during the reporting period[64].

Stock Code: 2683 2021/22 Interim Report 中期報告 2021/22 Interim Report | --- | --- | |----------------------------------------------------|------------------| | | | | | | | （於開曼群島註冊成立的有限公司） 股份代號 : 2683 | | | | | | | | | | 2021/22 中期報告 | 目錄 2 | --- | |--------------------------| | | | 公司資料 | | 管理層討論及分析 | | 企業管治及其他資料 | | 簡明綜合財務報表審閱報告 | | 簡明綜合收益表 | | 簡明綜合全面收益表 | | 簡明綜合財務狀況表 | | 簡明綜合權益變動表 | | 簡明綜合現金流量表 | | 簡明綜合中期財務資料附註 | 4 14 19 20 21 22 24 25 26 林國昌先生 楊志偉先生 公司資料 | --- | --- | |-------------------------|---------- ...

2020/21 年報 （於開曼群島註冊成立的有限公司） 股份代號 : 2683 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|-------|-------------------| | | | | | 公司資料 主席報告 | | 2 4 | | 管理層討論及分析 | | 13 | | 柬埔寨國家整體概覽 | | 19 | | 董事及高級管理層履歷 | | 31 36 | | 董事會報告 企業管治報告 獨立核數師報告 綜合收益表 綜合全面收益表 綜合財務狀況表 綜合權益變動表 | | 51 67 73 74 75 77 | | 綜合現金流量表 綜合財務報表附註 五年財務概要 | | 78 79 131 | | | | | | | | | | | | | | | | | 公司資料 董事會 執行董事 馬慶文先生（主席） 馬慶明先生（行政總裁） 馬蘭珠女士 馬任子先生 馬蘭香女士 獨立非執行董事 林國昌先生 ...

2020/21 中期報告 （於開曼群島註冊成立的有限公司） 股份代號 : 2683 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------------------| | | | | | | | | | | | 目錄 公司資料 | | | 2 | | 管理層討論及分析 | | | 4 | | 企業管治及其他資料 | | | 12 | | | | | | | 簡明綜合財務報表審閱報告 | | | 17 | | 簡明綜合收益表 簡明綜合全面收益表 簡明綜合財務狀況表 簡明綜合權益變動表 簡明綜合現金流量表 簡明綜合中期財務資料附註 | | | 18 19 20 22 23 24 | | | | | | | | | | | | | | | | | | | | | 公司資料 | --- | --- | |--------- ...

Stock Code: 2683 2019/20 Annual Report 2019/20 Annual Report 年報 （於開曼群島註冊成立的有限公司） 股份代號 : 2683 2019/20 年報 目錄 2 公司資料 4 主席報告 13 管理層討論及分析 19 柬埔寨國家整體概覽 31 董事及高級管理層履歷 36 董事會報告 51 企業管治報告 67 獨立核數師報告 73 綜合收益表 74 綜合全面收益表 75 綜合財務狀況表 77 綜合權益變動表 78 綜合現金流量表 79 綜合財務報表附註 133 五年財務概要 公司資料 | --- | --- | |------------|--------------| | | | | 執行董事 | | | 馬慶文先生 | （主席） | | 馬慶明先生 | （行政總裁） | | 馬蘭珠女士 | | | 馬任子先生 | | | 馬蘭香女士 | | 獨立非執行董事 林國昌先生 黃煒強先生 楊志偉先生 董事委員會 審核委員會 黃煒強先生（主席） 林國昌先生 楊志偉先生 薪酬委員會 林國昌先生（主席） 馬慶文先生 馬慶明先生 黃煒強先生 楊志偉先生 提名委員會 風險 ...

（於開曼群島註冊成立的有限公司） 股份代號 : 2683 2019/20 中期報告 目錄 | --- | --- | |--------------------------|-------| | | | | | | | 公司資料 | | | 管理層討論及分析 | | | 企業管治及其他資料 | | | 簡明綜合財務報表審閱報告 | | | 簡明綜合收益表 | | | 簡明綜合全面收益表 | | | 簡明綜合財務狀況表 | | | 簡明綜合權益變動表 | | | 簡明綜合現金流量表 | | | 簡明綜合財務報表附註 | | 2 4 12 17 18 19 20 22 23 24 公司資料 | --- | --- | |-------------------------|---------------------------------| | | | | 董事會 | 註冊辦事處 | | 執行董事 | Cricket Square, Hutchins Drive | | 馬慶文先生 （主席） | PO Box 2681 | | 馬慶明先生 （行政總裁） | Grand Cayman, KY1-1111 | | 馬蘭 ...