5月30日，截至港股收盘，恒生指数下跌1.2%，报23289.77点。华鼎控股（03398.HK）收报0.122港元/ 股，上涨19.61%，成交量1万股，成交额1058港元，振幅26.47%。 最近一个月来，华鼎控股累计跌幅16.39%，今年来累计跌幅28.67%，跑输恒生指数17.51%的涨幅。 财务数据显示，截至2024年12月31日，华鼎控股实现营业总收入14.87亿元，同比减少3.47%；归母净利 润-4.46亿元，同比减少33.16%；毛利率18.09%，资产负债率52.16%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，纺织及服饰行业市盈率（TTM）平均值为-5.01倍，行业中值-0.17倍。华鼎控股市盈 率-0.44倍，行业排名第117位；其他FAST RETAIL-DRS（06288.HK）为0.37倍、浙江永安 （08211.HK）为1.34倍、其利工业集团（01731.HK）为3.67倍、都市丽人（02298.HK）为3.68倍、大人 国际（01957.HK）为3.77倍。 资料显示，华鼎集团控股有限公司,于2005年在香港交易所主板上市,股份代号为3398。成立 ...

Financial Performance - Revenue for the year ended December 31, 2024, was HK$1,605.4 million, a decrease of 3.5% from HK$1,663.1 million in 2023[12] - The OEM Business revenue decreased by 6.8% to HK$930.0 million, while the Fashion Retail Business revenue decreased by 4.3% to HK$579.0 million[12] - The Property Investment Business saw a significant increase in revenue, rising by 59.9% to HK$96.4 million[12] - The operating loss for 2024 was HK$434.6 million, compared to an operating loss of HK$276.1 million in 2023[12] - Fair value losses on investment properties amounted to HK$113.4 million, up from HK$16.0 million in the previous year[12] - Equity attributable to the Company's equity holders decreased to HK$1,559.8 million from HK$1,990.1 million, representing a decline of 21.6%[12] - The equity per share decreased from HK$0.95 in 2023 to HK$0.75 in 2024[12] - The gross profit for FY2024 was HK$290.4 million, down 8.5% from HK$317.4 million in FY2023[56] - The loss attributable to equity holders for FY2024 was HK$481.4 million, with a net asset value per share of HK$0.75 as of December 31, 2024[56] Revenue Breakdown - Revenue from the OEM business decreased by 6.8% to HK$930.0 million in FY2024, down from HK$998.1 million in FY2023[57] - Domestic retail sales in the PRC amounted to HK$579.0 million in FY2024, reflecting a year-on-year decrease of 4.3%[54] - The retail business revenue in FY2024 amounted to HK$579.0 million, a decrease of 4.3% from HK$604.7 million in FY2023[64] - The major brand Finity contributed HK$206.9 million to retail revenue in FY2024, down 9.6% from HK$228.9 million in FY2023[64] - Revenue from concessionary counters was HK$149.8 million in FY2024, accounting for 21.0% of total retail revenue, compared to HK$189.6 million in FY2023[69] - E-commerce sales increased to HK$303.7 million in FY2024 from HK$296.7 million in FY2023, while self-operated stores and franchisee sales were HK$15.7 million and HK$109.8 million, respectively[69] - Revenue from the property investment business rose to HK$96.4 million in FY2024, representing a significant increase of 59.9% from HK$60.3 million in FY2023[71] Market Challenges and Strategies - The company aims to optimize its brand matrix and improve product quality to strengthen its position in the domestic market[40] - The company is enhancing its product design and innovation capabilities to gain international recognition and compete effectively in the global market[41] - The company acknowledges challenges such as fierce market competition and rising costs but remains committed to achieving greater success in the future[42] - The domestic retail segment faced pressure due to weak overall consumption, impacting gross profit margins[54] - The Group plans to enhance its Cambodian production base and invest in cross-border e-commerce to tap into global markets in 2025[77] Financial Position and Capital Management - As of December 31, 2024, cash and cash equivalents decreased by 54.4% to HK$140.5 million from HK$308.3 million as of December 31, 2023[72] - The Group's bank borrowings increased to HK$599.5 million as of December 31, 2024, compared to HK$383.3 million as of December 31, 2023[72] - The debt to equity ratio as of December 31, 2024, was 38.1%, up from 19.1% as of December 31, 2023[72] - Approximately 28.1% of revenue was denominated in USD and 71.9% in RMB during FY2024[96] - As of December 31, 2024, approximately 16.9% of cash and bank balances were in USD, 80.6% in RMB, and 2.1% in HK$[97] - Approximately 77.3% of bank borrowings were denominated in RMB and 22.7% in HK$[97] - The Group plans to monitor foreign currency risk closely due to ongoing currency fluctuations between RMB and USD[98] - Capital commitments contracted but not incurred as of December 31, 2024, amounted to HK$26.0 million, mainly related to the construction of the China Ting International Fashion Base[87] Human Resources and Management - The Group employs 5,050 full-time employees as of December 31, 2024[90] - Employee costs for FY2024 were HK$392.1 million, an increase of 3.6% compared to HK$378.3 million in FY2023[90] - The Group's management team is committed to maintaining high standards in product quality control and production efficiency[124] - The Group's leadership is well-versed in both local and international markets, positioning it for future growth and expansion[119] Corporate Governance - The Board is committed to high standards of corporate governance, ensuring all business activities are properly regulated to safeguard shareholders' interests[137][141] - The Group has complied with the Corporate Governance Code during the year ended December 31, 2024[137][141] - The Board's key responsibilities include providing leadership and supervision to enhance shareholders' long-term value[138][142] - The Group has established risk management and internal control systems to ensure corporate value and culture alignment[140][142] - The Board consists of four executive Directors and four independent non-executive Directors, including three brothers[149] - The Board has implemented a mechanism to ensure independent views are available, with satisfactory results from the annual review conducted for the year ended 31 December 2024[159] - The Board adopted a diversity policy, with current composition showing 6 male and 1 female Director, and 7 Directors over the age of 60[168] - The Company has established good corporate governance practices, including the establishment of various Board Committees[196] Director and Committee Information - The Remuneration Committee consists of three members and is responsible for reviewing remuneration packages and ensuring the recruitment and retention of high-quality personnel[196] - One Remuneration Committee meeting was held in 2024 to review and recommend adjustments to directors' fees and executive remuneration packages for the year ending December 31, 2024[198] - The Company has adopted a code for the remuneration of executive Directors and senior management, which requires shareholder approval for directors' fees[197] - The independent non-executive Directors have confirmed their independence in accordance with Listing Rules[190] - The Company has arranged appropriate insurance to protect Directors against liabilities arising from company affairs[191]

Financial Performance - Total revenue for the fiscal year 2024 was HKD 1,605.4 million, a decrease of 3.5% compared to HKD 1,663.1 million in fiscal year 2023[3] - The operating loss for the fiscal year 2024 was HKD 434.6 million, compared to an operating loss of HKD 276.1 million in fiscal year 2023[3] - The company reported a net loss of HKD 484.7 million for the fiscal year 2024, compared to a net loss of HKD 362.4 million in fiscal year 2023[6] - Basic and diluted loss per share for the fiscal year 2024 was HKD 22.93, compared to HKD 17.22 in fiscal year 2023[7] - The company recorded a loss attributable to equity holders of HKD 481.4 million for fiscal year 2024[37] - The total loss before tax for the segments increased to HKD 443,691,000 in 2024 from HKD 281,068,000 in 2023, representing a rise of about 57.9%[18] Revenue Segments - The property investment segment saw a significant increase in revenue, rising by 59.9% to HKD 96.4 million from HKD 60.3 million in the previous year[3] - Revenue from original equipment manufacturing decreased by 6.8% to HKD 930.0 million in fiscal year 2024, compared to HKD 998.1 million in fiscal year 2023[38] - The company's domestic retail revenue was HKD 579.0 million in fiscal year 2024, a decline of 4.3% year-on-year[35] - In fiscal year 2024, the group's retail business in China generated revenue of HKD 579.0 million, a decrease of 4.3% from HKD 604.7 million in fiscal year 2023[39] - The main brand, Finity, contributed HKD 206.9 million to retail revenue, down 9.6% from HKD 228.9 million in the previous fiscal year[39] - Revenue from mainland China remained stable at HKD 1,154,137,000 in 2024 compared to HKD 1,151,704,000 in 2023, showing a slight increase of 0.4%[19] Assets and Liabilities - The company's equity attributable to shareholders decreased to HKD 1,559.8 million from HKD 1,990.1 million, reflecting a decline of 21.6%[3] - The total assets of the company as of December 31, 2024, were HKD 3,284.9 million, down from HKD 3,407.2 million in the previous year[4] - The company’s total liabilities increased to HKD 1,713.3 million from HKD 1,402.9 million, representing a rise of 22.1%[5] - As of December 31, 2024, the group recorded net current liabilities of HKD 15,354,000[10] - The group's bank borrowings rose to HKD 599.5 million as of December 31, 2024, compared to HKD 383.3 million at the end of the previous year[41] - The debt-to-equity ratio increased to 38.1% as of December 31, 2024, from 19.1% a year earlier[41] Cash Flow and Costs - Cash and cash equivalents decreased to HKD 140.5 million from HKD 308.3 million, indicating a decline of 54.4%[4] - Employee costs for fiscal year 2024 were HKD 392.1 million, an increase of 3.6% from HKD 378.3 million in fiscal year 2023[44] - The group implemented cost-saving measures to maintain sufficient cash flow for operations[11] - The group's financing costs totaled HKD 22,377,000, reflecting the financial burden on operations[17] - Financing costs increased to HKD 24,361,000 in 2024 from HKD 20,961,000 in 2023, an increase of approximately 16.5%[22] Investment and Future Plans - The group plans to enhance its production base in Cambodia and invest in cross-border e-commerce to expand its global market presence in 2025[42] - The domestic retail market in China is expected to exceed RMB 4 trillion by 2025, with an annual growth rate of around 5%[43] - Capital expenditures for fiscal year 2024 amounted to HKD 278.3 million, primarily for the expansion of the Huading International Fashion Industry Base[45] Audit and Governance - The audit committee has reviewed the financial reporting procedures and risk management for the fiscal year 2024[52] - The group's auditor, BDO Limited, has agreed that the financial figures in the preliminary announcement for the fiscal year 2024 are consistent with the draft consolidated financial statements[53] - There were no purchases, sales, or redemptions of the company's listed securities during the fiscal year 2024[54] - The annual report for the fiscal year 2024 will be published on the company's website and the Hong Kong Stock Exchange in due course[55] - The annual general meeting is scheduled for May 27, 2025, with a suspension of share transfer registration from May 22 to May 27, 2025[56] - The board of directors consists of several executive and independent non-executive directors, including the CEO and chairman[57]

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$789,940,000, a decrease of 3.6% compared to HK$819,910,000 in the same period of 2023[5]. - Gross profit for the period was HK$144,026,000, down 11.1% from HK$162,045,000 in 2023[5]. - Operating loss increased to HK$180,341,000, compared to an operating loss of HK$88,384,000 in the previous year, reflecting a significant decline in profitability[5]. - Loss for the period was HK$142,480,000, compared to a loss of HK$92,471,000 in the same period last year, indicating a worsening financial performance[5]. - Total comprehensive loss for the period was HK$167,357,000, compared to HK$123,330,000 in 2023, highlighting increased financial challenges[7]. - Other income decreased to HK$9,289,000 from HK$12,456,000, representing a decline of 25.5% year-over-year[5]. - Selling, marketing, and distribution costs rose to HK$159,692,000, up from HK$115,529,000, indicating increased expenditure in these areas[5]. - The company reported a finance cost of HK$10,087,000, compared to HK$4,181,000 in the previous year, reflecting higher borrowing costs[5]. - The income tax credit for the period was HK$47,064,000, compared to an expense of HK$2,684,000 in 2023, indicating a favorable tax position[5]. - The loss attributable to equity holders of the Company for the six months ended June 30, 2024, was HK$141,189,000, compared to HK$91,723,000 for the same period in 2023, representing a 54% increase in loss[11]. - Total comprehensive loss attributable to equity holders of the Company for the same period was HK$165,569,000, up from HK$121,703,000 in 2023, indicating a 36% increase[11]. - Basic and diluted loss per share for equity holders was HK$6.72, compared to HK$4.37 in the previous year, reflecting a 53% increase in loss per share[11]. Assets and Liabilities - Total assets as of June 30, 2024, were HK$3,341,328,000, a decrease from HK$3,407,150,000 as of December 31, 2023[13]. - Current assets decreased to HK$1,366,099,000 from HK$1,458,063,000, marking a decline of approximately 6.3%[13]. - Total equity as of June 30, 2024, was HK$1,836,873,000, down from HK$2,004,230,000 at the end of 2023, representing a decrease of about 8.3%[16]. - Non-current liabilities increased to HK$357,538,000 from HK$274,885,000, indicating a rise of approximately 30%[16]. - The total liabilities as of June 30, 2024, were HK$1,504,455,000, compared to HK$1,402,920,000 at the end of 2023, reflecting an increase of about 7.2%[16]. - Trade and bill receivables decreased from HK$429,647,000 as of December 31, 2023, to HK$371,476,000 as of June 30, 2024, representing a decline of approximately 13.5%[99]. - The net trade and bill receivables after loss allowance stood at HK$225,994,000, down from HK$241,837,000, indicating a decrease of about 6.6%[99]. - Current bank borrowings increased significantly from HK$232,147,000 to HK$298,810,000, marking an increase of about 28.6%[106]. - Total bank borrowings rose from HK$383,257,000 to HK$550,364,000, an increase of approximately 43.6%[106]. Cash Flow and Financing - Net cash used in operating activities was HK$40,442,000, while net cash used in investing activities was HK$94,330,000 for the six months ended June 30, 2024[23]. - The company generated net cash from financing activities amounting to HK$155,601,000 during the same period[23]. - Cash and cash equivalents at June 30, 2024, totaled HK$321,921,000, a decrease from HK$396,554,000 in the previous year[23]. - The Group's bank borrowings as of June 30, 2024, totaled HK$623.85 million, with lease liabilities amounting to HK$61.39 million, resulting in total liabilities of HK$685.24 million[46]. - The Group's liquidity risk management indicates that all contractual obligations are manageable within the short term, reflecting a stable financial position[45][47]. Segment Performance - Total revenue for the six months ended June 30, 2024, was HK$829,155,000, with contributions from OEM at HK$511,901,000, Retail at HK$288,766,000, and Property investment at HK$28,488,000[69]. - The Group has three reportable segments: OEM, Retail, and Property investment, with performance assessed based on profit before income tax[66]. - Segment loss before income tax for the six months ended June 30, 2023, was HK$ (86,550,000), compared to HK$ (184,931,000) for the same period in 2024[79]. - Total segment revenue for the OEM segment was HK$ 560,302,000, while the retail segment generated HK$ 291,315,000[74]. Economic and Market Conditions - The global economic growth was reported to be generally lower than pre-pandemic levels, impacting international trade significantly[145]. - The overall economic environment continues to exert significant pressure on the development of international trade, influenced by geopolitical risks and high inflation[145]. - The domestic retail market in the PRC is expected to grow in 2024, providing opportunities for customer exploration and new product development[160]. Corporate Governance and Compliance - The company has not audited the condensed consolidated interim financial information for the six months ended June 30, 2024[28]. - The financial information is prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34, indicating compliance with interim financial reporting standards[28]. - The company has complied with the applicable code provisions of the Corporate Governance Code during 1H2024[197]. - All directors confirmed compliance with the required standard of dealings as set forth in the Model Code during 1H2024[199]. Employee and Operational Insights - The Group employed a total of 4,069 employees across various regions including Mainland China, Hong Kong, Cambodia, and the United States[161]. - The Group has established an incentive bonus scheme for employees, with benefits based on performance, reviewed annually[161]. - Employee benefit expenses increased slightly to HK$172,309,000 in 2024 from HK$171,710,000 in 2023, reflecting a marginal rise of 0.3%[112]. Future Outlook and Strategic Initiatives - The Group aims to enhance its capabilities in new product research and development, supply chain security, and customer service through improved centralized management[146]. - The Group plans to explore new opportunities across all business segments in response to increasing production costs and decreasing profit margins[160]. - The Group is seeking a waiver from lenders regarding the low current ratio, which has not resulted in any demand for early repayment of loans[108].

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 789.9 million, a decrease of 3.7% compared to HKD 819.9 million in the same period of 2023[1]. - Operating loss for the period was HKD 180.3 million, compared to a loss of HKD 88.4 million in the previous year[2]. - Loss attributable to equity holders of the company was HKD 142.5 million, up from a loss of HKD 92.5 million in the prior year[2]. - The group reported a loss before tax of HKD 184,931,000 for the six months ended June 30, 2024, compared to a loss of HKD 86,550,000 for the same period in 2023[11][12]. - The net loss before tax for the six months ended June 30, 2024, was HKD 189,544, compared to a net loss of HKD 89,787 for the same period in 2023, indicating an increase in losses of approximately 111.06%[14]. - Basic and diluted loss per share was HKD 6.72, compared to HKD 4.37 in the same period last year[3]. - The company reported a basic loss per share of HKD 0.067 for the six months ended June 30, 2024, compared to HKD 0.044 in 2023, representing an increase of approximately 52.27%[19]. Asset and Liability Overview - Total assets as of June 30, 2024, amounted to HKD 3,341.3 million, a decrease from HKD 3,407.2 million as of December 31, 2023[4]. - Non-current assets increased to HKD 1,975.2 million from HKD 1,949.1 million at the end of the previous year[4]. - Current assets decreased to HKD 1,366.1 million from HKD 1,458.1 million at the end of 2023[4]. - Total liabilities increased to HKD 1,504.5 million from HKD 1,402.9 million at the end of 2023[5]. - Equity attributable to equity holders of the company was HKD 1,824.6 million, down from HKD 2,212.4 million in the previous year[1]. - The total amount of trade payables and other payables as of June 30, 2024, is yet to be detailed, but the aging analysis will provide insights into the company's liabilities[24]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 829,155,000, a decrease from HKD 887,836,000 for the same period in 2023, representing a decline of approximately 6.6%[11]. - Revenue from external customers for the manufacturing segment was HKD 474,500,000, while retail generated HKD 288,766,000, and property investment contributed HKD 26,674,000[11]. - Revenue from Mainland China for the six months ended June 30, 2024, was HKD 574,861, up from HKD 550,751 in 2023, reflecting an increase of about 4.83%[16]. - The original equipment manufacturing business generated revenue of HKD 474.5 million, a decline from HKD 495.3 million in the first half of 2023, with silk, cotton, and synthetic fiber garments accounting for 63.2% of total revenue[30]. - Retail sales revenue decreased to HKD 288.8 million from HKD 291.3 million in the first half of 2023, with the main brands contributing HKD 193.4 million, a slight increase of 0.6%[31]. - The property investment business reported revenue of HKD 26.7 million, down 19.8% from HKD 33.3 million in the first half of 2023[33]. Investment and Capital Expenditures - Fair value loss on investment properties was HKD 56.3 million, significantly higher than HKD 16.0 million in the previous year[2]. - The fair value loss on investment properties amounted to HKD 56,322,000, which included a loss of HKD 48,822,000 from property investments[11]. - The group incurred financing costs of HKD 10,087,000, with financing income reported at HKD 975,000 for the period[11]. - For the first half of 2024, the group incurred capital expenditures of HKD 189.1 million, primarily for the expansion of the Huading Industrial Park Phase I and renovations of retail stores and factories[42]. - The group has contracted but not yet incurred capital commitments of HKD 15.4 million, mainly related to the construction of Huading Industrial Park Phase I[42]. Future Outlook and Strategic Initiatives - The group is focusing on integrating and enhancing domestic production activities to reduce operational costs and improve management efficiency[27]. - The completion of the Huading Industrial Park is expected to increase revenue, with anticipated leasing area reaching 30% to 50% of the available space[28]. - The group is expanding production capacity in other countries to strengthen its global supply chain amid rising trade protectionism[27]. - The domestic retail market in China is expected to remain weak in 2024, particularly affecting clothing sales due to their non-essential nature[36]. - The group plans to enhance its global production capacity in the original equipment manufacturing sector and strengthen customer acquisition efforts in domestic business[36]. - The group will officially open Phase I of the Huading Industrial Park in the second half of 2024, which is expected to increase cash flow and collaboration opportunities within the industry chain[36]. Corporate Governance - The board of directors consists of executive and independent non-executive directors, including the Chairman and CEO Ding Xiong'er[50]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[20]. - The board does not recommend any interim dividend for the first half of 2024[37]. - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the first half of 2024[45]. - The interim report for the first half of 2024 will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[49].

Financial Performance - For the year ended December 31, 2023, total revenue was HK$1,663.1 million, a decrease of 8.5% compared to HK$1,757.8 million in 2022[3]. - The OEM Business revenue decreased by 16.6% to HK$998.1 million from HK$1,197.1 million in 2022[3]. - The Fashion Retail Business revenue increased by 20.7% to HK$604.7 million from HK$501.0 million in 2022[3]. - The Property Investment Business revenue slightly increased by 1.0% to HK$60.3 million from HK$59.7 million in 2022[3]. - The operating loss for 2023 was HK$276.1 million, compared to an operating loss of HK$136.5 million in 2022[10]. - Loss attributable to the Company's equity holders was HK$361.5 million, up from HK$151.7 million in 2022[10]. - Equity attributable to the Company's equity holders decreased to HK$1,990.1 million from HK$2,334.1 million in 2022[10]. - Equity per share decreased to HK$0.95 from HK$1.12 in 2022[10]. - The gross profit for 2023 was HK$317.4 million, an increase of 5.9% compared to HK$299.8 million in 2022[51]. - The loss attributable to equity holders for 2023 was HK$361.5 million, with a net asset value per share of HK$0.95 as of December 31, 2023[51]. Business Strategy and Focus - The Company is focusing on expanding its Fashion Retail Business and enhancing its product offerings to drive future growth[3]. - The management is exploring potential market expansion opportunities and strategic partnerships to improve overall performance[3]. - The Group plans to focus on niche markets such as sportswear, new Chinese-style clothing, and green eco-friendly apparel in 2024[32]. - The Group aims to enhance digital technology applications to innovate its retail model[32]. - The Group's strategic focus includes enhancing core competitiveness through new technologies, equipment, and products amid a sluggish macroeconomic environment[23]. - The Group aims to adapt to market changes and explore new trade partners and global markets despite challenges in the OEM business due to global economic slowdown and geopolitical tensions[56]. Employment and Staff Costs - As of December 31, 2023, the Group had 4,217 full-time employees, with staff costs amounting to HK$378.3 million, reflecting a 2.3% increase from HK$369.7 million in 2022[33]. - The Group employed 4,217 full-time employees as of December 31, 2023, with employee costs rising to HK$378.3 million, a 2.3% increase from HK$369.7 million in 2022[60]. - An incentive bonus scheme for employees is in place, linking bonuses to individual performance and the Group's annual profits[58]. Market and Economic Conditions - The garment and apparel industry is facing challenges due to global economic factors, including high inflation and geopolitical conflicts, impacting demand growth[31]. - The production volume in the PRC apparel industry fell by 15.01% in the tatting category and 5.08% in the knitting category in 2023[48]. - The PRC apparel industry exports decreased by 7.8% in 2023 compared to the previous year due to various factors[48]. - The company reported a significant risk of sluggish market demand, with a risk assignment value of 30, indicating a particularly serious risk due to global economic recession concerns and inadequate investment confidence[121]. - Trade protectionism and geopolitical risks have increased uncertainty in the international environment, posing significant challenges to the garment industry's exports, with a risk assignment value of 20[121]. - Inventory risks are highlighted, with a risk assignment value of 20, as global economic growth is expected to decline, affecting consumer purchasing power and consumption confidence[121]. Financial Management and Compliance - The Group has implemented regular financial monitoring and reporting systems to ensure compliance with applicable laws and regulations[109]. - Senior management is required to attend additional training on financial control and regulatory requirements in Hong Kong and the PRC[109]. - The Group aims to establish a coherent internal control system across different business activities by reviewing and strengthening procedures bi-yearly[109]. - The company has maintained effective risk management and internal control systems for the year ended December 31, 2023, with no significant deficiencies noted[128]. - The Group emphasizes compliance with various legal and regulatory requirements, ensuring adherence through internal controls and oversight across business units[168]. Investment and Capital Expenditures - Capital expenditures for the year amounted to HK$362.5 million, primarily for the expansion of the China Ting International Fashion Base and improvements to retail outlets and factories[93]. - As of 31 December 2023, capital commitments contracted but not incurred totaled HK$117.2 million, mainly related to the construction of the China Ting International Fashion Base[93]. - The Group's investment properties at the end of 2023 were valued at HK$854,848,000, an increase from HK$817,765,000 at the end of 2022, showing a growth of approximately 4.5%[179]. Shareholder and Corporate Governance - The Group continues to enhance communication and relationships with shareholders through timely responses to inquiries and updates on corporate news[114]. - The directors collectively hold 1,490,000,000 shares, representing approximately 70.96% of the Company's interests[149]. - The Group's emolument policy aims to attract and retain talent, with performance-based remuneration reflecting market standards[146]. - The Audit Committee, comprising three independent non-executive Directors, reviewed the audited financial statements for the financial year ended December 31, 2023[189]. - The company has established compliance with the Model Code for Directors' Securities[189]. Inventory Management - The Group is addressing inventory discrepancies identified during the preparation of its financial statements, which were not related to the OEM business[64]. - The inventories balances of the retail segment require manual reconciliations, indicating a need for improved operational efficiency[200]. - The company is actively reducing orders for new products and improving inventory management to mitigate inventory risks[126].

Revenue Performance - For the year ended December 31, 2023, revenue from original equipment manufacturing decreased by 16.6% to HKD 998.1 million from HKD 1,197.1 million in 2022[25]. - The retail business in China generated revenue of HKD 604.7 million, a 20.7% increase from HKD 501.0 million in 2022[26]. - For the year ended December 31, 2023, the total revenue was HKD 1,663.1 million, a decrease of 5.4% compared to HKD 1,757.8 million in 2022[63]. - The manufacturing business revenue declined by 16.6% to HKD 998.1 million, while the fashion retail business revenue increased by 20.7% to HKD 604.7 million[71]. - The group reported a total revenue of HKD 1,663,121,000 in 2023, down from HKD 1,757,823,000 in 2022, representing a decline of approximately 5.4%[99]. - The group’s revenue from Mainland China increased to HKD 1,151,704,000 in 2023, up from HKD 1,029,599,000 in 2022, representing a growth of approximately 11.8%[99]. Financial Position - Cash and cash equivalents as of December 31, 2023, were HKD 308.3 million, a decrease of 39.0% from HKD 505.5 million as of December 31, 2022[20]. - The company's equity attributable to equity holders decreased to HKD 1,990.1 million from HKD 2,334.1 million[71]. - Total assets as of December 31, 2023, were HKD 3,407.2 million, down from HKD 3,656.4 million in 2022[64]. - The total equity and liabilities amounted to HKD 3,407,150 in 2023, down from HKD 3,656,363 in 2022, reflecting a decrease of about 6.8%[75]. - The total liabilities increased to HKD 1,402,920 in 2023 from HKD 1,301,664 in 2022, an increase of approximately 7.8%[75]. Profitability and Losses - The operating loss increased to HKD 276.1 million from HKD 136.5 million in 2022[71]. - The net loss attributable to equity holders of the company was HKD 361.5 million, compared to HKD 151.7 million in the prior year[71]. - The company reported a loss before tax of HKD 281,068 for 2023, compared to a loss of HKD 132,504 in 2022, indicating a significant increase in losses[86]. - The group incurred a pre-tax loss of HKD 286,180,000 in 2023, compared to a loss of HKD 136,856,000 in 2022, indicating a significant increase in losses[98]. - The group reported a basic loss per share of HKD 0.172 in 2023, compared to a loss of HKD 0.072 in 2022, reflecting a worsening financial position[105]. Cost and Expenses - Employee costs for 2023 were HKD 378.3 million, up 2.3% from HKD 369.7 million in 2022[21]. - The group reported a significant increase in financial asset impairment losses, totaling HKD 73.2 million compared to HKD 21.4 million in the previous year[63]. - The group’s income tax expense for 2023 was HKD 76,242,000, significantly higher than HKD 14,751,000 in 2022, marking an increase of approximately 417.5%[103]. Market and Strategic Focus - The company plans to focus on niche markets such as sportswear and green apparel in 2024, amid pressures in the domestic retail market[29]. - The company aims to enhance digital technology applications to innovate its retail model[29]. - The company is focusing on innovation in product development, manufacturing, branding, customer service, and supply chain management to adapt to changing consumer demographics and preferences[118]. - The overall economic environment in China remains challenging, with the apparel industry experiencing a decline in production output, with woven and knitted categories down 15.01% and 5.08% year-over-year, respectively[117]. Capital Expenditures and Commitments - The group incurred capital expenditures of HKD 362.5 million for the year ended December 31, 2023, primarily for the expansion of the Huading International Fashion Industry Base and renovations of retail stores and factories[31]. - As of December 31, 2023, the group had capital commitments of HKD 117.2 million, mainly related to the construction of the Huading International Fashion Industry Base[31]. Corporate Governance and Compliance - The board is committed to enhancing corporate governance and compliance standards within the group[36]. - The group has implemented a competitive remuneration scheme for employees based on individual performance and the group's annual profit[30]. Other Financial Metrics - The debt-to-equity ratio increased to 19.1% in 2023 from 13.7% in 2022[20]. - Approximately 30.9% and 69.1% of the group's revenue was denominated in USD and RMB, respectively, during the year[44]. - The group maintained cash and bank balances of approximately 23.4%, 74.0%, and 2.0% in USD, RMB, and HKD, respectively, as of December 31, 2023[44]. - The group did not engage in any significant investments, acquisitions, or disposals during the year ended December 31, 2023[32]. - There were no significant post-balance sheet events after December 31, 2023, until the announcement date[35]. - The group has not proposed any final dividend payment for the year ended December 31, 2023[57]. - The company plans to resume trading of its shares on June 3, 2024, after a suspension[58].

Financial Performance - Revenue for the six months ended June 30, 2023, was HK$819,910,000, a decrease of 12.6% compared to HK$938,615,000 in the same period of 2022[55] - Gross profit increased to HK$162,045,000, representing a gross margin of 19.7%, compared to HK$152,685,000 in 2022[55] - Operating loss for the period was HK$88,384,000, worsening from a loss of HK$45,908,000 in the previous year[55] - Loss for the period amounted to HK$92,471,000, compared to a loss of HK$68,435,000 in the same period of 2022, reflecting a 35.1% increase in losses[55] - Selling, marketing, and distribution costs increased to HK$115,529,000, up from HK$96,412,000 in 2022, indicating a rise of 19.9%[55] - The company reported other losses of HK$13,457,000, contrasting with gains of HK$34,920,000 in the same period last year[55] - For the six months ended June 30, 2023, the total comprehensive loss was HK$123,330,000, compared to HK$181,919,000 in the same period of 2022, representing a decrease of 32.3%[66] - The loss attributable to equity holders of the Company was HK$121,703,000, compared to HK$180,132,000 in 2022, indicating a reduction of 32.4%[66] - The basic and diluted loss per share attributable to equity holders of the Company was HK$4.37, compared to HK$3.26 in the previous year, indicating an increase of 34.1%[66] - Other comprehensive loss for the period, net of tax, was HK$30,859,000, compared to HK$113,484,000 in 2022, showing a significant improvement[66] Cash Flow and Assets - Net cash generated from operating activities was HK$54,231,000, an increase from HK$24,515,000 in the previous year, reflecting a growth of 120.9%[77] - Cash and cash equivalents at June 30, 2023, amounted to HK$396,554,000, compared to HK$487,231,000 in 2022, representing a decline of 18.6%[77] - The total assets as of June 30, 2023, were HK$3,478,222,000, down from HK$3,656,363,000 at the end of 2022, a decrease of 4.9%[70] - The total equity attributable to equity holders of the Company decreased to HK$2,231,369,000 from HK$2,354,699,000, a decline of 5.2%[70] - The net cash used in investing activities was HK$143,538,000, an improvement from HK$244,361,000 in the previous year, indicating a reduction of 41.2%[77] - The total liabilities as of June 30, 2023, were HK$1,246,853,000, down from HK$1,301,664,000 at the end of 2022, a decrease of 4.2%[70] - As of June 30, 2023, total current assets increased to HK$1,785,025, up from HK$1,663,781 as of December 31, 2022, representing a growth of approximately 7.3%[1] - The company's inventories decreased to HK$785,721 from HK$864,995, a decline of about 9.1%[1] - The company’s cash and cash equivalents decreased to HK$396,554 from HK$505,493, a decline of approximately 21.5%[1] Financial Instruments and Valuation - Financial assets at fair value through profit or loss (FVPL) dropped significantly to HK$7,293 from HK$42,100, a decrease of approximately 82.7%[1] - Fair value losses on financial assets through other comprehensive income amounted to HK$99,054, indicating significant market fluctuations[2] - The fair value of all listed equity securities is based on their current bid prices in an active market, totaling HK$17,959,000[156] - The carrying amounts of the Group's financial instruments carried at cost or amortized cost approximate their fair values as of the reporting date[157] - The company utilized observable market data for fair value estimation, particularly for financial instruments not traded in active markets[157] Segment Performance - The revenue from the OEM segment was HK$495,278,000, while the Retail segment generated HK$291,292,000, and Property investment contributed HK$33,340,000[187] - Total segment loss before income tax for the six months ended June 30, 2023, was HK$86,550,000, compared to a loss of HK$46,453,000 in the same period of 2022, indicating a significant increase in losses[197] - The company reported inter-segment revenue of HK$67,926,000 for the six months ended June 30, 2023, with total inter-segment revenue from OEM, Retail, and Property investment segments being HK$65,024,000, HK$23,000, and HK$2,879,000 respectively[187] Management and Future Outlook - The company plans to focus on market expansion and new product development to improve future performance and mitigate losses[186] - Management indicated that the significant judgments and estimates used in preparing the interim financial information remain consistent with those applied in the previous annual financial statements[1] - The company is expected to adopt new accounting standards effective January 1, 2024, which may influence future financial reporting[1] - The Group operates in three reportable segments: OEM garment manufacturing and sales, branded fashion apparel retailing, and property investment in the PRC[146] - The Group's financial risk management includes exposure to market risk, credit risk, and liquidity risk, with no changes in risk management policies since year-end[132]

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA TING GROUP HOLDINGS LIMITED 華 鼎 集 團 控 股 有 限 公司 （於開曼群島註冊成立之有限公司） （股份代號：3398） 截至二零二三年六月三十日止六個月之 中期業績 截至六月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 百萬港元 百萬港元 百分比變動 收入 原設備製造業務 495.3 681.7 (27.3) 時裝零售業務 291.3 225.6 29.1 物業投資業務 33.3 31.2 6.7 819.9 938.6 (12.6) ...

Risk Management - The Group's business and market face risks due to constant market changes, necessitating continuous identification and control of relevant risks to minimize potential impacts[11] - The Company has established supervision indexes for each identified risk, with pre-formulated risk control measures to minimize the probability of risk occurrence[11] - The Group's strategy includes optimizing risk and return decision mechanisms to support growth opportunities[11] Market Development - The Group aims to intensify the development of the domestic market to mitigate economic uncertainties caused by geopolitical tensions, particularly between China and the US[15] - The Company is focusing on expanding overseas bases to disperse the influence of political factors on foreign trade business[15] Sustainable Development - The Group emphasizes sustainable development, balancing economic value creation with environmental impact[23] - The Company is committed to maintaining the highest environmental standards to ensure sustainable development[21] - The Group has implemented measures to comply with environmental laws and reduce the impact of its operations[57] Corporate Governance - There were no significant violations of applicable laws and regulations that could materially affect the Group's business and operations during the year[25] - The Company actively communicates with stakeholders and incorporates their needs into corporate strategy formulation[23] - The emolument policy aims to attract and retain talent, with performance-based remuneration reflecting market standards[29] - The emolument policy will be adjusted based on market practices and the Group's business development stages[29] - The company considers all independent non-executive directors to be independent as per the Listing Rules[29] Shareholding Structure - As of December 31, 2022, Mr. TING Man Yi, Mr. TING Hung Yi, and Mr. DING Jianer each hold a 70.96% interest in the company through controlled corporations, totaling 1,490,000,000 shares[31] - Longerview Investments Limited holds 41.5% of the shares in Longerview, equating to 1,490,000,000 shares[2] - In Holdings Limited owns 40.5% of Longerview, also representing 1,490,000,000 shares[3] - The controlling shareholders have agreed to pre-emptive arrangements regarding their shareholding in Longerview, impacting the effective voting power over the 1,490,000,000 shares held[4] - As of December 31, 2022, no other person or corporation was reported to have an interest in the shares of the Company[40] Financial Performance - The consolidated financial statements provide a true and fair view of the Group's financial position as of December 31, 2022[47] - The audit opinion confirms that the financial statements were prepared in compliance with Hong Kong Financial Reporting Standards[47] - The company reported a net cash generated from operating activities of HK$25,381,000 in 2022, a significant improvement compared to a net cash used of HK$155,814,000 in 2021[129] - Total comprehensive income for the year was a loss of HK$346,703,000, which includes a loss of HK$151,678,000 for the year and other comprehensive losses of HK$195,025,000[126] - The company incurred a loss of HK$151,678,000 for the year, reflecting challenges in the operational environment[126] - The company recognized fair value gains on financial assets of HK$5,267,000 during the year[126] - The company reported currency translation differences resulting in a loss of HK$189,758,000[126] Revenue and Profitability - Revenue for the year ended December 31, 2022, was HK$1,757,823,000, an increase of 9.2% from HK$1,609,266,000 in 2021[147] - Gross profit for the year was HK$299,795,000, significantly up from HK$133,880,000, representing a gross margin improvement[147] - Operating loss decreased to HK$136,528,000 from HK$315,542,000, indicating a reduction in operational inefficiencies[147] - Loss for the year was HK$151,607,000, down from HK$332,194,000, reflecting improved financial performance[147] - Total comprehensive loss for the year was HK$359,259,000, compared to HK$160,557,000 in the previous year, primarily due to currency translation differences[147] Cost Management - Selling, marketing, and distribution costs increased to HK$234,762,000 from HK$212,003,000, reflecting higher investment in market presence[147] - Administrative expenses decreased to HK$238,308,000 from HK$267,125,000, showing improved cost control measures[147] - The company aims to reduce operational costs by 5% through efficiency improvements and process optimization[174] Investments and Future Outlook - The company made significant investments in property, plant, and equipment, totaling HK$286,831,000 in 2022, compared to HK$138,495,000 in 2021[129] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[174] - New product launches are expected to contribute an additional HK$300 million in revenue, with a focus on innovative technology solutions[174] - The company plans to invest HK$500 million in new technology infrastructure to support future growth initiatives[174] Inventory and Receivables Management - As of December 31, 2022, the Group had gross trade and bill receivables of HK$452 million and a provision for impairment of HK$135 million, indicating a significant focus on credit risk management[83] - The Group held gross inventories of HK$1,193 million and a provision for inventories of HK$328 million as of December 31, 2022, reflecting the importance of inventory management[84] - Management assesses the net realizable value (NRV) of inventories by considering the aging profile, physical condition, and estimated selling price of individual inventory items[84] - The estimation and judgment involved in determining the expected credit losses allowance and the collectability of receivables are critical due to the magnitude of trade and bill receivables[83] Employee Benefits and Provisions - The Group's employee benefits include retirement obligations, annual leave, sick leave, and maternity leave[111] - Provisions are recognized when there is a present legal or constructive obligation, and it is probable that an outflow of resources will be required to settle the obligation[120] - The total amount to be expensed for share-based compensation is determined by reference to the fair value of the options granted, including market performance conditions[116]