Group 1 - The company, Man Kwan Group, has entered into a subscription agreement with Jacobson Group Treasury Limited to issue 94 million shares at a subscription price of HKD 0.5 per share, which represents 11.75% of the company's existing share capital as of the announcement date [1][2] - The total proceeds from the subscription are expected to be HKD 47 million, with a net amount of approximately HKD 46.7 million after expenses, intended for investment in core business growth, supply chain and logistics improvement, and general working capital [1][2] - The board believes that the subscription will enhance the financial position of the group and provide operational funds for future developments and obligations, with the subscriber intending to hold the equity long-term [2] Group 2 - The collaboration with Jacobson Group, a leading pharmaceutical company, is expected to create strategic synergies, leveraging both parties' expertise in healthcare and health products [2] - The subscription agreement is considered to be on normal commercial terms and is deemed fair and reasonable, aligning with the overall interests of the company and its shareholders [2] - The partnership aims to capitalize on emerging market opportunities, optimize financial leverage, and ultimately enhance long-term shareholder value [2]

资料显示，满贯集团是香港大健康品牌全渠道营销管理商，专门为中成药、保健、皮肤护理、个人护理 及其他健康护理产品提供全渠道品牌代理、推广营销、管理及分销销售的一站式服务，在香港、澳门、 及东南亚等地覆盖接近十万个线上及线下销售点，销售超过300个本地及海外品牌，并积极开拓优质自 有品牌以及合作品牌产品，提供超过2000项产品。 值得一提的是，年报显示，2024年，满贯集团实现收入8.76亿港元，同比下降26.9%；实现股东应占溢 利324万港元，同比减少98.9%。 在股价暴跌后，有投资者对2024年的业绩提出了一些质疑。 4月17日，满贯集团（03390.HK）一度飙涨逾130%，涨幅也一度位列全市第一。 不过，在4月16日，满贯集团遭遇了瀑布式;闪崩下跌，市值直接跌去逾90%，已不足5亿港元。因此， 虽然4月17日股价出现大幅回升，但两日连起来看，股价的整体跌幅依然巨大，并直接放量跌成了仙 股;。 而满贯集团之所以在4月16日出现暴跌，其中一个原因是遭遇了强平。 4月16日晚间，满贯集团就股价与成交量异动发布公告称，公司主席兼控股股东王嘉俊最终控制的 Tycoon Empire所持1.29亿股普通股，已于4 ...

Company Overview - Man Kwan Group (满贯集团) reported a significant stock price increase of 76.67%, closing at HKD 0.53 per share, with a trading volume of 363 million shares and a turnover of HKD 179 million, reflecting a volatility of 106.67% [1] - Despite the recent surge, the company has experienced a cumulative decline of 92.19% over the past month and 91.38% year-to-date, underperforming the Hang Seng Index by 4.97% [1] Financial Performance - For the fiscal year ending December 31, 2024, Man Kwan Group achieved total revenue of HKD 811 million, representing a year-on-year decrease of 26.91% [1] - The net profit attributable to shareholders was HKD 3 million, down 98.91% year-on-year, with a gross margin of 26.56% and a debt-to-asset ratio of 51.37% [1] Industry Valuation - Currently, there are no institutional investment ratings for Man Kwan Group [2] - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 5.89 times, with a median of 4.7 times. Man Kwan Group's P/E ratio stands at 74.07 times, ranking 73rd in the industry [2] - Comparatively, other companies in the sector have significantly lower P/E ratios, such as Excellence Pharmaceutical (0.63), King’s Ray Biotechnology (0.98), and others [2] Business Focus - Man Kwan Group is dedicated to providing high-quality traditional Chinese medicine, health supplements, skincare, personal care, and other health care products to residents in Hong Kong, Macau, and mainland China [2] - The company currently represents or distributes over 100 brands and is one of the top three distributors in the traditional Chinese medicine market [2] Major Shareholder Activity - On April 10, 2025, major shareholder Wang Jiajun increased his holdings by purchasing 38,000 shares at an average price of HKD 3.3 per share, bringing his total holdings to 431 million shares, which constitutes 53.88% of the company [3]

Group 1 - The stock of the company, Fullhouse Group, saw an afternoon increase of 90%, with trading volume exceeding 100 million Hong Kong dollars [1] - The stock experienced a significant decline of 90% the previous day [1]

Group 1 - The stock of Full Harvest Group (03390.HK) saw an afternoon increase of 90%, with trading volume exceeding 100 million HKD [1] - The stock experienced a significant drop of 90% the previous day [1] - The chairman and controlling shareholder, Wang Jiajun, sold 129 million shares due to the substantial decline in share price [1]

Core Points - The company announced a significant drop in its stock price on April 16, 2025, accompanied by an increase in trading volume [1] - Tycoon Empire Investment Limited, controlled by the company's executive director and chairman, sold 129 million shares due to a forced sale triggered by the sharp decline in stock price [1] - Following the forced sale, the chairman and Tycoon Empire hold a total of 302 million shares, representing 37.75% of the company's issued share capital [2] - Other major shareholders, including China Resources Pharmaceutical Group and Jacobson Group Treasury Limited, have not sold any shares recently [2] - The board confirmed that they are unaware of any reasons for the unusual price and volume changes, nor do they possess any insider information that needs to be disclosed [2] - The company has applied to the stock exchange to resume trading of its shares starting from 9:00 AM on April 17, 2025 [3]

Financial Performance - Total revenue for the fiscal year 2024 was HKD 876.0 million, a decrease of 26.9% compared to HKD 1,198.6 million in 2023[5] - The company's net profit attributable to equity holders dropped by 98.9% to HKD 3.2 million, with a profit margin of 0.4% compared to 24.8% in the previous year[5] - EBITDA for the fiscal year 2024 was HKD 41.9 million, down 88.4% from HKD 360.8 million in 2023, resulting in an EBITDA margin of 4.8%[5] - Adjusted net profit for the fiscal year was HKD 46.4 million, a decrease of 59.5% from HKD 114.8 million in 2023[5] - The group's gross profit decreased by 27.5% to HKD 232.7 million for the fiscal year, with a gross margin decline of 0.2 percentage points to 26.6% due to rising commodity costs[31] - Other income and net other gains for the fiscal year were HKD 4.8 million, a significant drop from HKD 209.0 million in the previous fiscal year, primarily due to the one-time gain from the sale of 51% equity in CWA[32] - Profit attributable to equity holders of the company was HKD 6.0 million, down from HKD 297.3 million in the previous fiscal year, mainly due to the absence of one-time gains from the sale of CWA and increased share-based payment expenses[33] Revenue Breakdown - Retail revenue increased by 63.4% year-on-year to HKD 176.4 million, while distribution sales in Hong Kong grew by 3.3% to HKD 533.0 million[7] - Southeast Asia distribution sales reached HKD 77.3 million, a significant increase of 63.5% year-on-year, with Singapore contributing HKD 65.6 million, up 56.9%[8] - Revenue from Hong Kong increased by 13.7% to HKD 709.4 million in fiscal year 2024, compared to HKD 623.7 million in fiscal year 2023, despite a slight growth in distribution business[30] - Revenue from Singapore, Malaysia, and other regions surged by 59.8% to HKD 77.3 million in fiscal year 2024, up from HKD 48.3 million in fiscal year 2023[30] - Macau's revenue decreased by 20.7% to HKD 89.3 million in fiscal year 2024, down from HKD 112.7 million in fiscal year 2023, attributed to changes in consumer spending patterns[30] Strategic Initiatives - The company plans to maintain market share in Hong Kong and Macau while controlling costs and enhancing profit margins through strategic partnerships and product diversification[9] - The company aims to develop proprietary and collaborative brands to enhance profitability and meet market trends[9] - The company anticipates significant growth in distribution sales in Thailand, with revenue expected to multiply by the end of the fiscal year 2025[10] - The company plans to leverage the updated free trade agreement with ASEAN, which expanded covered product categories from over 200 to nearly 600, to enhance competitiveness in Southeast Asia[14] - The company aims to continue expanding its market share and product offerings in the Asia-Pacific region, focusing on health and wellness products[10] Dividend Policy - The board decided not to declare a final dividend for the fiscal year due to the uncertain operating environment[7] - The board has decided not to declare any final dividend for the 2024 financial year, compared to a dividend of HKD 0.035 per share for the 2023 financial year[65] - The board will continue to review the dividend policy, which has been in effect since April 15, 2020, allowing for the declaration of interim or special dividends[91] - The company has adopted a dividend policy that requires consideration of various factors, including financial performance and cash flow[95] Corporate Governance - The board consists of eight members, including one executive director, four non-executive directors, and three independent non-executive directors[193] - The board held five meetings during the fiscal year to review financial and operational performance and discuss future strategies[196] - The company has adhered to all corporate governance code provisions during the fiscal year, except for deviation from provision C.2.1[191] - The company emphasizes high ethical standards and believes that acting with integrity and transparency will maximize long-term shareholder returns[188] - The company has established a corporate governance committee responsible for formulating and reviewing governance policies and practices[190] Shareholder Information - The company has a significant shareholder, Tycoon Empire, holding 432,616,326 shares, representing 54.08% of the total shares[133] - Major shareholder Wei Siqi also holds 432,616,326 shares, equivalent to 54.08%[137] - China Resources Pharmaceutical Retail holds 151,895,000 shares, accounting for 18.99% of the total shares[137] - Jacobson Group Treasury Limited owns 56,590,000 shares, which is 7.07% of the total shares[137] - The company has not entered into any significant contracts with its controlling shareholders during the fiscal year[132] Employee Information - The number of employees increased to 260 as of December 31, 2024, compared to 130 in the previous year[64] - Total employee costs for the financial year amounted to approximately HKD 89 million, up from HKD 65.9 million in the previous financial year[64] Risk Management - The group closely monitors foreign exchange risks and may consider hedging significant foreign exchange risks when necessary[41] - The company faces risks related to consumer preferences and spending patterns, which could significantly impact its business and financial performance[67] Related Party Transactions - The total amount of related party transactions disclosed did not exceed the set annual cap, except for the previously mentioned excess[128] - The company has not engaged in any other related party transactions during the fiscal year, aside from those disclosed[125] Acquisitions and Investments - The group completed the acquisition of 12% equity in 康寧行 for a total consideration of HKD 9.1 million on May 31, 2023, increasing ownership to 61%[44] - On March 28, 2024, the group further acquired an additional 9% equity in 康寧行 for HKD 6.8 million, raising total ownership to 70%[45] - The company plans to acquire the remaining 51% of CWA Group for a cash settlement of HKD 106.0 million due to a triggered put option[177] Compliance and Legal - The company has established compliance and risk management policies, ensuring adherence to significant legal and regulatory requirements[173] - The company has committed to environmental protection and has complied with all relevant environmental laws during the fiscal year[172]

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was HKD 876.0 million, a decrease of 26.9% compared to HKD 1,198.6 million for the fiscal year ending December 31, 2023[4]. - The net profit for the fiscal year 2024 was HKD 6.0 million, down 98.0% from HKD 297.3 million in 2023[4]. - EBITDA for the fiscal year 2024 was HKD 41.9 million, significantly lower than HKD 360.8 million in 2023[4]. - Adjusted net profit for the fiscal year 2024 was HKD 46.4 million, compared to HKD 114.8 million in 2023[4]. - The company reported a total comprehensive income of HKD 437,000 for 2024, a significant decline from HKD 302.6 million in 2023[5]. - The group reported total revenue of HKD 892,505,000 for 2024, a decrease from HKD 1,229,648,000 in 2023, representing a decline of approximately 27.4%[22]. - Adjusted profit before tax for the group was HKD 5,461,000 in 2024, a substantial decrease from HKD 317,696,000 in 2023, reflecting a decline of around 98.3%[22]. - The group's gross profit decreased by 27.5% to HKD 232.7 million for the fiscal year, with a gross margin decline of 0.2 percentage points to 26.6% due to rising commodity costs[61]. - Other income and net other gains for the fiscal year were HKD 4.8 million, a significant drop from HKD 209.0 million in the previous fiscal year, primarily due to the one-time gain from the sale of 51% equity in CWA[62]. - Profit attributable to equity holders was HKD 6.0 million, down from HKD 297.3 million in the previous fiscal year, mainly due to the absence of one-time gains from the sale of CWA and increased share-based payment expenses[63]. Revenue Breakdown - The distribution segment generated revenue of HKD 714,760,000 in 2024, slightly up from HKD 706,378,000 in 2023, indicating a growth of about 0.5%[22]. - The e-commerce segment reported a revenue of HKD 406,397,000 in 2024, while the retail segment generated HKD 176,388,000, compared to HKD 107,968,000 in 2023, showing significant growth in retail of approximately 63.5%[22]. - Revenue from Hong Kong increased to HKD 709,432,000 in 2024, up 13.7% from HKD 623,747,000 in 2023[25]. - Distribution sales in Hong Kong reached HKD 533.0 million, a year-on-year increase of 3.3%[44]. - Southeast Asia distribution sales surged to HKD 77.3 million, a significant increase of 59.8% year-on-year, with Singapore sales at HKD 65.6 million, up 56.9%[44]. - Revenue from Singapore, Malaysia, and other regions surged by 59.8% to HKD 77.3 million in fiscal year 2024, up from HKD 48.3 million in fiscal year 2023[60]. - Macau's revenue decreased by 20.8% to HKD 89.3 million in fiscal year 2024, down from HKD 112.7 million in fiscal year 2023, attributed to changes in consumer spending patterns[60]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 1,005.6 million, an increase from HKD 988.9 million in 2023[7]. - Total liabilities increased to HKD 516.6 million in 2024 from HKD 445.4 million in 2023[8]. - The company's cash and cash equivalents decreased to HKD 34.0 million in 2024 from HKD 39.1 million in 2023[7]. - Total assets increased to HKD 1,005,563,000 in 2024 from HKD 988,951,000 in 2023, marking a growth of approximately 1.1%[23]. - The distribution segment's assets rose to HKD 616,720,000 in 2024, up from HKD 478,349,000 in 2023, indicating an increase of about 29.0%[23]. - The group’s total liabilities decreased to HKD 516,606,000 in 2024 from HKD 445,405,000 in 2023, representing an increase of approximately 15.9%[23]. Dividends and Shareholder Returns - The board has resolved not to declare any final dividend for the fiscal year 2024, compared to a dividend of HKD 0.035 per share in 2023[4]. - The company did not declare any dividends for 2024, compared to HKD 28,000,000 in 2023[34]. - The controlling shareholder's pledge of 200,000,000 shares will be released in July 2024 due to the achievement of the profit guarantee[94]. - The profit guarantee period has been extended to December 31, 2023, covering five financial years[91]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[101]. - The company has adopted a code of conduct for securities trading by its directors, ensuring compliance with the standards set out in the listing rules[100]. - The company did not purchase, sell, or redeem any of its listed securities during the financial year[99]. Strategic Initiatives and Market Expansion - The group plans to leverage the updated free trade agreement with ASEAN to expand its product offerings in Southeast Asia, increasing competitiveness and tariff benefits[41]. - The group launched several new products in response to market demand, contributing to sales growth despite a challenging economic environment[41]. - The company is actively expanding its product offerings, including new products like "和漢匠心日本瘦身益生菌" and "金門強效一條根滲透鎮痛露"[49]. - The company has registered over 60 trademarks for its own brand products, with popular items including "和漢匠心日本多元益生菌" and "BG Pro博健專研免疫球蛋白丸"[48]. - The company has established procurement centers in various countries, including Japan, South Korea, and Southeast Asia, to diversify its product portfolio[51]. - The company has gained exclusive distribution rights for TJ-TYT Pharmaceuticals in Malaysia, significantly contributing to its sales network expansion[52]. - The company expects significant revenue growth in Thailand by the fiscal year ending December 31, 2025, following the acquisition of necessary licenses[53]. - The company plans to continue focusing on the development of Southeast Asian markets while maintaining its presence in Hong Kong and mainland China[56]. Employee and Operational Metrics - The number of employees increased to 260 as of December 31, 2024, compared to 130 in the previous year[95]. - Total employee costs for the financial year amounted to approximately HKD 89.0 million, up from HKD 65.9 million in the previous financial year[95]. Accounting and Financial Reporting - The group is currently evaluating the impact of new accounting standards, specifically HKFRS 18, which is expected to be adopted starting January 1, 2027[18]. - The group anticipates that the new accounting standards will have a significant impact on presentation and disclosure, particularly related to the consolidated income statement and other comprehensive income[18]. - The group’s management is assessing the adoption of other new accounting standards and interpretations that may affect current or future reporting periods[18]. - The group's financial statements for the year ended December 31, 2024, have been confirmed to align with the audited consolidated financial statements by PwC[109]. Recent Developments and Changes - The company has appointed Mr. Hu Yang as a non-executive director effective January 10, 2025, following the resignation of Mr. Cao Weiyong[107]. - There have been no significant events affecting the group since the end of the financial year up to the date of this announcement[108].

Financial Performance - Total revenue for the first half of 2024 was HKD 435.01 million, a decrease of 34.7% compared to HKD 666.29 million in the same period of 2023[9]. - The company reported a net profit attributable to equity holders of HKD 21.01 million, down 76.0% from HKD 87.53 million in the previous year[9]. - EBITDA for the first half of 2024 was HKD 42.80 million, reflecting a 63.7% decrease from HKD 117.75 million in the same period of 2023[9][11]. - The gross profit margin decreased to 24.8% from 26.0% year-on-year, indicating a decline in profitability[9]. - Net profit significantly dropped by 75.7% to HKD 21.1 million, down from HKD 87.0 million in the first half of 2023, primarily due to a lack of fair value gains from financial assets and a decline in operational net profit[17]. - The group recorded a net profit of HKD 21,119,000 for the period, down from HKD 87,047,000 in 2023, indicating a decrease of around 75.8%[98]. - The company reported a net loss of HKD 1,513,000 for the six months ended June 30, 2024, compared to a profit of HKD 87,528,000 in the same period of 2023[79]. Revenue Breakdown - Distribution revenue declined by 10.6% to HKD 335.22 million, while retail store revenue surged by 534.9% to HKD 99.79 million[9]. - Hong Kong distribution sales decreased to HKD 258.6 million, a year-on-year decline of 9.4%, while Macau distribution sales fell by 24.8% to HKD 45.2 million; however, Southeast Asia distribution sales grew by 27.7% during the same period[17]. - In Singapore, distribution sales reached HKD 28.0 million, up 30.4% from HKD 21.5 million year-on-year, while Southeast Asia distribution sales increased by 27.7%[26]. - The group reported external customer revenue of HKD 343,798,000 for the distribution segment, a decrease from HKD 398,565,000 in 2023, representing a decline of approximately 13.7%[98]. - E-commerce segment revenue reached HKD 101,122,000, compared to HKD 275,420,000 in the previous year, indicating a significant increase of approximately 36.7%[98]. Assets and Liabilities - Total assets increased by 2.4% to HKD 1,012.53 million, while total liabilities rose by 5.1% to HKD 468.16 million[10]. - Total assets as of June 30, 2024, were HKD 1,012,526,000, an increase from HKD 988,951,000 at the end of 2023[78]. - Total liabilities rose to HKD 468,159,000, compared to HKD 445,405,000 at the end of 2023[78]. - The company’s total equity increased to HKD 544,367,000 as of June 30, 2024, compared to HKD 543,546,000 at the beginning of the year[79]. Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were approximately HKD 45.3 million, an increase from HKD 39.1 million at the end of 2023[31]. - The company incurred a cash outflow of HKD 20,400,000 for the repurchase of shares under the share award scheme during the reporting period[80]. - The company’s financing activities generated a net cash inflow of HKD 24,771,000, contrasting with a net outflow of HKD 27,902,000 in the previous year[80]. - The company had bank borrowings of HKD 200,626,000 as of June 30, 2024, an increase from HKD 139,028,000 as of December 31, 2023[118]. Strategic Initiatives - The company is adapting its strategies in response to the challenging operating environment, particularly due to reduced consumer spending from mainland Chinese tourists[15]. - The group plans to launch multiple new products in the second half of the year, including upgraded versions of popular items and new products tailored to market demand[21]. - The group continues to focus on a dual-channel approach, integrating online and offline sales to maintain competitive advantages in the market[14]. - The group plans to focus resources on high-margin private label products and expand its international business, particularly in Southeast Asia, expecting further revenue growth[24]. Shareholder Information - The board of directors did not recommend any interim dividend for the review period, compared to HKD 0.035 per share in the same period last year[49]. - The company has a significant short position of 200,000,000 shares, which is 25.00% of the total shares held by Tycoon Empire[63]. - The company has issued a total of 800,000,000 shares as of June 30, 2024, which is used to calculate approximate percentages[64]. - The company has not utilized any derivative financial instruments to hedge against foreign exchange risks during the review period[34]. Employee and Governance - The total number of employees in the group increased to 250 as of June 30, 2024, up from 208 a year earlier, with total employee costs amounting to approximately HKD 31.5 million[48]. - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO[52]. - The company has adopted its own code of conduct for securities trading by directors, which is not less stringent than the standard code outlined in the listing rules[54].

Financial Performance - The group's revenue for the first half of 2024 was HKD 435.0 million, a decrease of 34.7% compared to HKD 666.3 million in the same period of 2023[2] - Gross profit for the first half of 2024 was HKD 107.8 million, down 37.7% from HKD 173.1 million in the first half of 2023[2] - Net profit for the first half of 2024 was HKD 21.1 million, a decline of 75.7% from HKD 87.0 million in the first half of 2023[2] - The group reported a total comprehensive income of HKD 20.4 million for the first half of 2024, compared to HKD 85.5 million in the same period of 2023[3] - The adjusted profit before tax for the group was HKD 21,119 thousand for the first half of 2024, down from HKD 87,047 thousand in the same period of 2023, representing a decline of 75.8%[15] - The company reported a net profit attributable to equity holders of HKD 21,009 for the six months ended June 30, 2024, a decline of 76.0% from HKD 87,528 in 2023[22] - The group recorded revenue of approximately HKD 435.0 million for the fiscal year ending December 31, 2023, a decrease of 34.7% compared to HKD 666.3 million in the previous year[35] - Net profit significantly dropped by 75.7% to HKD 21.1 million, down from HKD 87.0 million in the first half of 2023, primarily due to a lack of fair value gains from financial assets and decreased operational net profit[35] Dividends and Shareholder Returns - The board has resolved not to declare any interim dividend for the first half of 2024 (interim dividend for the first half of 2023: HKD 0.035)[2] - The company did not declare any dividends for the six months ended June 30, 2024, compared to HKD 0.035 per share in 2023[25] - The board does not recommend any interim dividend for the review period, compared to HKD 0.035 per share in the same period last year[66] Assets and Liabilities - Total current assets increased to HKD 695.9 million as of June 30, 2024, compared to HKD 666.6 million as of June 30, 2023[5] - Total assets amounted to HKD 1,012.5 million as of June 30, 2024, compared to HKD 988.9 million as of June 30, 2023[7] - Total liabilities increased to HKD 468.2 million as of June 30, 2024, from HKD 445.4 million as of June 30, 2023[7] - The company's equity attributable to shareholders was HKD 536.9 million as of June 30, 2024, compared to HKD 536.2 million as of June 30, 2023[7] - The group’s total liabilities decreased to HKD 468,159 thousand as of June 30, 2024, from HKD 445,405 thousand as of December 31, 2023[16] Revenue Segmentation - The distribution segment reported revenue of HKD 343,798 thousand for the first half of 2024, down from HKD 398,565 thousand in the same period of 2023, reflecting a decrease of 13.7%[15] - The e-commerce segment generated revenue of HKD 101,122 thousand for the first half of 2024, compared to HKD 15,719 thousand in the same period of 2023, indicating significant growth[15] - The retail store segment reported revenue of HKD 99,794 thousand for the first half of 2024, compared to HKD 15,719 thousand in the same period of 2023, showing substantial improvement[15] - Revenue from the Hong Kong market increased to HKD 358,406, up 19.0% from HKD 301,011 in the previous year[18] - Revenue in Hong Kong increased by 19.1% to HKD 358.4 million, driven by the accounting impact of the acquisition of 康寧行[43] - Revenue in Singapore rose by 30.4% to HKD 28.0 million, compared to HKD 21.5 million in the previous year, due to ongoing development and sales expansion efforts[41] Operational Insights - The group’s operating segments include distribution, e-commerce, and retail store, with performance monitored separately for resource allocation and evaluation[13] - The company plans to launch multiple new products in the second half of 2024, including upgraded versions of popular items[38] - The company has established procurement centers in various countries, including Japan, South Korea, and several Southeast Asian nations, to diversify its product offerings[40] - The company aims to focus resources on higher-margin private label products and expand its international business, particularly in Southeast Asia[42] Market Conditions and Strategic Moves - The group continues to adapt its strategies in response to the challenging operating environment, focusing on expanding offline retail channels[35] - The health supplement market is expected to grow due to increasing health awareness and favorable policies in the Greater Bay Area[62] - The number of visitors to Hong Kong increased by 78% year-on-year to approximately 18 million in the first five months of 2024, although average spending per visitor dropped significantly[33] - The retail sales value of traditional Chinese medicine products in Hong Kong decreased by over 15.9% in the first half of 2024[33] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[67] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the review period, confirming they are prepared in accordance with applicable accounting standards[70] - The company has adopted a set of securities trading rules for its directors, which are not less stringent than the standard rules outlined in the listing rules[69] Employee and Operational Costs - The total number of employees as of June 30, 2024, is 250, an increase from 208 employees as of June 30, 2023[65] - Employee costs for the review period amounted to approximately HKD 31.5 million, compared to HKD 30.9 million in the same period last year[65] Investments and Acquisitions - The group acquired a 61% stake in 康寧行 in May 2023, which was further increased to 70% in March 2024, integrating its performance into the group's financial results[35] - The company completed the sale of 51% equity in CWA on September 30, 2023[59] - The group completed the sale of 51% of CWA for a total consideration of HKD 130 million, effective September 30, 2023, resulting in CWA no longer being consolidated in the group's financial statements[57]