[Company Announcement Summary](index=1&type=section&id=Company%20Announcement%20Summary) This section provides a high-level overview of the company's financial performance for the six months ended June 30, 2025 [Summary for the Six Months Ended June 30, 2025](index=1&type=section&id=Summary%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) During the reporting period, the company's revenue slightly increased by 0.5%, while gross profit and profit attributable to owners of the company both decreased by 4.5%, with gross profit margin falling by 1.2 percentage points. Basic and diluted earnings per share both declined, and the interim dividend remained unchanged at HK 3.0 cents per share Key Financial Highlights for H1 2025 | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,028.6 | 1,023.4 | 0.5% | | Gross Profit | 233.8 | 244.9 | (4.5)% | | Profit Attributable to Owners of the Company | 50.9 | 53.3 | (4.5)% | | Basic EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Diluted EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Dividend Per Share (HK Cents) | 3.0 | 3.0 | – | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement details revenue, cost of sales, gross profit, various expenses, operating profit, finance income and costs, share of profit/loss of associates and joint ventures, income tax expense, and total comprehensive income for the six months ended June 30, 2025, with comparative figures Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 1,028,584 | 1,023,353 | | Cost of Sales | (794,822) | (778,485) | | Gross Profit | 233,762 | 244,868 | | Operating Profit | 59,736 | 64,041 | | Profit for the Period | 50,214 | 51,667 | | Profit Attributable to Owners of the Company | 50,909 | 53,273 | | Basic EPS (HK Cents) | 7.0 | 7.4 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides detailed classified data on assets, liabilities, and equity, including non-current assets, current assets, non-current liabilities, current liabilities, and shareholders' equity, as of June 30, 2025, and December 31, 2024 Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 556,706 | 554,067 | | Total Current Assets | 1,340,416 | 1,441,268 | | Total Assets | 1,897,122 | 1,995,335 | | Total Equity | 1,274,641 | 1,263,337 | | Total Non-current Liabilities | 22,719 | 17,868 | | Total Current Liabilities | 599,762 | 714,130 | | Total Liabilities | 622,481 | 731,998 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides explanatory notes to the interim condensed consolidated financial information, detailing the basis of preparation, accounting policies, segment information, and other financial disclosures [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and presented in HK$ Thousand, without full annual financial statement notes, and is unaudited - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting", is unaudited, and presented in **HK$ Thousand**[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Accounting Policies](index=6&type=section&id=Accounting%20Policies) The accounting policies applied in the reporting period are consistent with the 2024 annual consolidated financial statements, with exceptions for income tax estimation and the adoption of new revised standards - Accounting policies are consistent with the prior year, except for income tax estimation and the adoption of new standards[11](index=11&type=chunk) [Amendments to Standards Adopted by the Group](index=6&type=section&id=Amendments%20to%20Standards%20Adopted%20by%20the%20Group) The group adopted amendments to HKAS 21 and HKFRS 1 "Lack of Exchangeability" from January 1, 2025, with no significant expected impact - The Group adopted amendments to Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1 (Amendments) "Lack of Exchangeability" from January 1, 2025, with no significant expected impact[12](index=12&type=chunk) [Amendments to Standards Issued But Not Yet Effective](index=7&type=section&id=Amendments%20to%20Standards%20Issued%20But%20Not%20Yet%20Effective) Several new revised standards, effective in 2026 or 2027, are being assessed by the group, with no significant impact initially anticipated - Several new revised standards will be effective in 2026 or 2027, covering financial instrument classification and measurement, and financial statement presentation and disclosure, with the Group assessing their impact and initially expecting no significant effect[13](index=13&type=chunk)[14](index=14&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The board categorizes the group's business into three segments: travel amenities, operating supplies and equipment, and healthcare and hygiene products, with performance assessed by customer location [Business Segments](index=8&type=section&id=Business%20Segments) This section details the financial performance of the group's three primary business segments: travel amenities, operating supplies and equipment, and healthcare and hygiene products - The Group primarily engages in the manufacturing and sale of travel amenities, sale of operating supplies and equipment, and manufacturing and sale of healthcare and hygiene products[15](index=15&type=chunk) H1 2025 Revenue and Segment Profit Before Income Tax by Business Segment | Business Segment | Revenue (HK$ Thousand) | Segment Profit Before Income Tax (HK$ Thousand) | | :--- | :--- | :--- | | Travel Amenities Business | 877,566 | 48,567 | | Operating Supplies and Equipment Business | 95,723 | 5,552 | | Healthcare and Hygiene Products Business | 55,295 | 1,918 | | Others | 64 | (64) | | **Total** | **1,028,648** | **55,973** | [Geographical Segments](index=9&type=section&id=Geographical%20Segments) This section provides a breakdown of the group's revenue from external customers and total assets by geographical region H1 2025 Geographical Revenue from External Customers | Region | Revenue (HK$ Thousand) | | :--- | :--- | | Hong Kong | 138,415 | | PRC | 208,012 | | North America | 158,169 | | Europe | 147,603 | | Asia Pacific | 172,536 | | Australia | 51,255 | | Others | 1,576 | | **Subtotal: Travel Amenities Business** | **877,566** | | PRC | 65,180 | | Others | 30,543 | | **Subtotal: Operating Supplies and Equipment Business** | **95,723** | | North America | 52,395 | | Hong Kong | 982 | | Others | 1,918 | | **Subtotal: Healthcare and Hygiene Products Business** | **55,295** | | **Total** | **1,028,584** | Total Assets by Geographical Region as of June 30, 2025 and December 31, 2024 | Region | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | PRC | 654,117 | 678,366 | | Hong Kong | 800,803 | 823,900 | | Australia | 1,909 | 1,808 | | Cambodia | 417,727 | 433,413 | | Other Regions | 3,647 | 215 | | **Total** | **1,897,122** | **1,995,335** | [Expenses by Nature](index=12&type=section&id=Expenses%20by%20Nature) This section details various expenses and income recognized in cost of sales, distribution costs, administrative expenses, and net reversal of impairment losses on financial assets, including inventory costs, depreciation, amortization, employee benefits, transportation, and net exchange gains Expenses/(Income) by Nature | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 556,311 | 527,755 | | Depreciation of property, plant and equipment | 27,587 | 26,368 | | Employee benefit expenses | 263,010 | 267,852 | | Transportation expenses | 45,081 | 39,275 | | Net exchange gain | (15,201) | (4,745) | | Advertising costs | 5,326 | 6,401 | [Other Income, Net](index=12&type=section&id=Other%20Income%2C%20Net) For the six months ended June 30, 2025, net other income was HK$3,629 thousand, primarily from rental income, scrap sales, and government grants, with government grants decreasing from the prior period Other Income, Net | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Rental income | 1,119 | 1,124 | | Scrap sales income | 215 | 319 | | Government grants | 1,533 | 2,507 | | Others | 762 | 1,244 | | **Total** | **3,629** | **5,194** | [Finance Income and Costs](index=13&type=section&id=Finance%20Income%20and%20Costs) For the six months ended June 30, 2025, net finance income was HK$1,027 thousand, a slight decrease from HK$1,077 thousand in the prior period, mainly due to reduced interest expenses on borrowings and lease liabilities, alongside a decrease in finance income Finance Income and Costs | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest expense on borrowings | (698) | (1,506) | | Interest expense on lease liabilities | (98) | (175) | | Finance costs | (796) | (1,681) | | Finance income | 1,823 | 2,758 | | **Net finance income** | **1,027** | **1,077** | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HK$11,097 thousand, a decrease from the prior period, calculated based on applicable tax rates in the jurisdictions where the group operates Income Tax Expense | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 6,276 | 9,583 | | PRC Enterprise Income Tax | 3,338 | 2,983 | | Other overseas profits tax | 1,672 | 1,156 | | Deferred income tax | (189) | (132) | | **Total** | **11,097** | **13,590** | - Hong Kong Profits Tax rate is **16.5%**, PRC Enterprise Income Tax rate is **25%**, Macau Complementary Income Tax rate is **12%**, and Cambodia Enterprise Income Tax rate is **20%**[23](index=23&type=chunk) [Trade and Bills Receivables](index=14&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade and bills receivables amounted to HK$573,501 thousand, a decrease from December 31, 2024, with credit terms ranging from 15 to 180 days Aging Analysis of Trade and Bills Receivables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 1 to 30 days | 249,084 | 321,831 | | 31 to 60 days | 127,149 | 137,556 | | 61 to 90 days | 77,094 | 108,220 | | 91 to 180 days | 115,078 | 160,070 | | Over 180 days | 94,007 | 91,330 | | **Total** | **662,412** | **819,007** | - The Group grants credit terms ranging from **15 to 180 days**[25](index=25&type=chunk) [Amount Due from an Associate](index=14&type=section&id=Amount%20Due%20from%20an%20Associate) As of June 30, 2025, the amount due from an associate was HK$2,605 thousand, a decrease from December 31, 2024, representing trade receivables with a 90-day credit term Aging Analysis of Amount Due from an Associate | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 1 to 30 days | 1,000 | 3,304 | | 31 to 60 days | 1,452 | – | | 61 to 90 days | 145 | – | | Over 90 days | 8 | 69 | | **Total** | **2,605** | **3,373** | - The credit term granted to the associate is **90 days**[27](index=27&type=chunk) [Pledged Bank Deposits](index=15&type=section&id=Pledged%20Bank%20Deposits) As of June 30, 2025, pledged bank deposits amounted to HK$11,766 thousand, serving as collateral for a letter of credit from a Hong Kong bank Pledged Bank Deposits | Date | Amount (HK$ Thousand) | | :--- | :--- | | June 30, 2025 | 11,766 | | December 31, 2024 | 11,636 | - Bank deposits of **US$1,500,000** (approximately **HK$11,766 thousand**) are pledged as collateral for a letter of credit from a Hong Kong bank[29](index=29&type=chunk) [Cash and Cash Equivalents](index=15&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, total cash and cash equivalents were HK$421,161 thousand, an increase from December 31, 2024, with certain bank balances in China and India subject to foreign exchange controls Cash and Cash Equivalents | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank balances and cash | 348,177 | 251,658 | | Short-term bank deposits | 72,984 | 76,963 | | **Total** | **421,161** | **328,621** | - Bank balances and cash held by the Group in the PRC and India, approximately **HK$147,265 thousand** and **HK$29 thousand** respectively, are subject to foreign exchange control restrictions on remittance[30](index=30&type=chunk) [Trade Payables](index=15&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were HK$207,752 thousand, a significant decrease from December 31, 2024, with an aging analysis provided by invoice date Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 1 to 30 days | 184,479 | 236,267 | | 31 to 60 days | 14,564 | 17,542 | | 61 to 90 days | 5,245 | 6,497 | | Over 90 days | 3,464 | 3,408 | | **Total** | **207,752** | **263,714** | [Borrowings](index=16&type=section&id=Borrowings) As of June 30, 2025, the group's total borrowings were HK$17,751 thousand, a decrease from December 31, 2024, comprising secured bank borrowings and other borrowings, with unutilized bank facilities of approximately HK$399,575 thousand Borrowings Structure | Type | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current borrowings | 1,899 | 1,844 | | Current borrowings | 15,852 | 24,253 | | **Total** | **17,751** | **26,097** | - Bank borrowings are secured by certain of the Group's property, plant and equipment and right-of-use assets, while other borrowings are secured by personal guarantees from non-controlling interests[32](index=32&type=chunk) - As of June 30, 2025, the Group had unutilized bank facilities of approximately **HK$399,575 thousand**[33](index=33&type=chunk) [Share Capital](index=16&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was 10,000,000,000 shares at HK$0.01 each, totaling HK$100,000 thousand, with issued and fully paid share capital of 734,262,697 shares, totaling HK$7,343 thousand, unchanged from the prior year Share Capital Details | Item | Number of Shares | Amount (HK$ Thousand) | | :--- | :--- | :--- | | Authorised share capital (HK$0.01 par value per share) | 10,000,000,000 | 100,000 | | Issued and fully paid share capital | 734,262,697 | 7,343 | [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were HK 7.0 cents, a decrease from HK 7.4 cents in the prior period, with no dilutive potential ordinary shares [Basic Earnings Per Share](index=17&type=section&id=Basic%20Earnings%20Per%20Share) This section details the calculation of basic earnings per share for the six months ended June 30, 2025, based on profit attributable to owners of the company and the weighted average number of ordinary shares Basic Earnings Per Share Calculation | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for the Period (HK$ Thousand) | 50,909 | 53,273 | | Weighted average number of ordinary shares in issue (Thousand shares) | 723,839 | 723,839 | | **Basic EPS Attributable to Owners of the Company (HK Cents)** | **7.0** | **7.4** | [Diluted Earnings Per Share](index=17&type=section&id=Diluted%20Earnings%20Per%20Share) For the six months ended June 30, 2025, diluted earnings per share were identical to basic earnings per share due to the absence of dilutive potential ordinary shares - For the six months ended June 30, 2025, diluted earnings per share attributable to owners of the Company were the same as basic earnings per share due to the absence of issued potential dilutive ordinary shares[38](index=38&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board resolved to declare an interim dividend of HK 3.0 cents per share for the six months ended June 30, 2025, totaling approximately HK$22,028 thousand, consistent with the prior period Dividends Declared and Paid | Dividend Type | Declaration Date | Dividend Per Share (HK Cents) | Total Amount (HK$ Thousand) | | :--- | :--- | :--- | :--- | | 2024 Final Dividend | Approved on May 22, 2025 | 7.0 | 51,398 (Paid) | | 2025 Interim Dividend | Board Resolution | 3.0 | 22,028 | [Capital Commitments](index=17&type=section&id=Capital%20Commitments) As of June 30, 2025, the group's contracted but unprovided capital commitments amounted to approximately HK$14,670 thousand, a decrease from December 31, 2024 Capital Commitments | Date | Amount (HK$ Thousand) | | :--- | :--- | | June 30, 2025 | 14,670 | | December 31, 2024 | 21,055 | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review and analysis of the group's financial performance, business operations, and strategic outlook for the reporting period [Financial Review](index=18&type=section&id=Financial%20Review) This section reviews the group's key financial performance for the six months ended June 30, 2025, including revenue, gross profit, profit attributable to owners of the company, earnings per share, dividends, liquidity, borrowing structure, asset pledges, foreign exchange risk, and capital commitments [Key Financial Highlights](index=18&type=section&id=Key%20Financial%20Highlights) This section presents a summary of the group's key financial performance metrics for the six months ended June 30, 2025, and the comparative period Key Financial Highlights | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,028.6 | 1,023.4 | 0.5% | | Gross Profit | 233.8 | 244.9 | (4.5)% | | Profit Attributable to Owners of the Company | 50.9 | 53.3 | (4.5)% | | Basic EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Diluted EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Dividend Per Share (HK Cents) | 3.0 | 3.0 | – | [Revenue](index=18&type=section&id=Revenue) This section analyzes the group's revenue performance, broken down by business segment, for the six months ended June 30, 2025 Revenue by Business Segment | Business Segment | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Share (2025) | Share (2024) | | :--- | :--- | :--- | :--- | :--- | | Travel Amenities Business | 877.6 | 857.8 | 85.3% | 83.8% | | Operating Supplies and Equipment Business | 95.7 | 82.3 | 9.3% | 8.0% | | Healthcare and Hygiene Products Business | 55.3 | 83.3 | 5.4% | 8.2% | | **Total Revenue** | **1,028.6** | **1,023.4** | **100%** | **100%** | - The Group's total revenue slightly increased by **0.5%**, with growth in the travel amenities and operating supplies and equipment businesses, while the healthcare and hygiene products business experienced a decline in revenue[42](index=42&type=chunk) [Gross Profit and Gross Profit Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) This section examines the group's gross profit and gross profit margin for the six months ended June 30, 2025, and the factors influencing their changes Gross Profit and Gross Profit Margin | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 233.8 | 244.9 | (4.5)% | | Gross Profit Margin | 22.7% | 23.9% | (1.2) percentage points | - The decrease in gross profit was primarily due to an increase in **cost of sales**[43](index=43&type=chunk) [Profit Attributable to Owners of the Company](index=18&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) This section presents the profit attributable to owners of the company for the six months ended June 30, 2025, and its change compared to the prior period Profit Attributable to Owners of the Company | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 50.9 | 53.3 | (4.5)% | [Earnings Per Share](index=19&type=section&id=Earnings%20Per%20Share) This section provides the basic and diluted earnings per share for the six months ended June 30, 2025, and their changes from the prior period Earnings Per Share | Metric | H1 2025 (HK Cents) | H1 2024 (HK Cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS | 7.0 | 7.4 | (5.4)% | | Diluted EPS | 7.0 | 7.4 | (5.4)% | [Interim Dividend](index=19&type=section&id=Interim%20Dividend) This section details the interim dividend declared for the six months ended June 30, 2025, and its comparison to the prior period Interim Dividend | Metric | H1 2025 (HK Cents) | H1 2024 (HK Cents) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend Per Share | 3.0 | 3.0 | – | [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) This section discusses the group's liquidity management policy, available bank financing facilities, and key liquidity metrics - The Group adheres to a prudent capital management policy and maintains available standby bank financing facilities[47](index=47&type=chunk) Cash and Cash Equivalents and Net Assets | Metric | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 421.1 | 328.6 | | Net Assets | 1,274.6 | 1,263.3 | [Borrowings](index=20&type=section&id=Borrowings) This section provides an overview of the group's borrowings, including their maturity profile, currency denomination, and interest rate characteristics Borrowings Maturity Profile | Repayment Period | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Within 1 year | 11.3 | 14.6 | | Between 1 and 2 years | 4.8 | 9.7 | | Between 2 and 5 years | 0.8 | 0.9 | | Over 5 years | 0.9 | 0.9 | | **Total** | **17.8** | **26.1** | Borrowings by Currency | Currency | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | HKD | 2.3 | 4.0 | | USD | 13.4 | 20.2 | | JPY | 2.1 | 1.9 | | **Total** | **17.8** | **26.1** | - The Group's borrowings are primarily denominated in **USD**, with most at **floating interest rates**[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Pledge of Group Assets](index=21&type=section&id=Pledge%20of%20Group%20Assets) This section outlines the group's assets pledged as collateral for bank borrowings and other borrowings Carrying Value of Pledged Assets | Asset Type | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Property, plant and equipment | 13.5 | 14.2 | | Right-of-use assets | 25.0 | 25.5 | | Bank deposits | 11.8 | 11.6 | | **Total** | **50.3** | **51.3** | - Bank borrowings are secured by certain of the Group's property, plant and equipment, right-of-use assets, and bank deposits, while some other borrowings are secured by personal guarantees from non-controlling interests[53](index=53&type=chunk) [Gearing Ratio](index=22&type=section&id=Gearing%20Ratio) This section states the group's gearing ratio as of June 30, 2025, and December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group's gearing ratio was **not applicable**[55](index=55&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) This section describes the group's primary foreign exchange risk exposure, mainly to RMB, and its management approach - The Group primarily faces foreign exchange risk mainly denominated in **RMB**, currently without a hedging policy, managing it by increasing revenue denominated in the same currency[56](index=56&type=chunk) [Capital Commitments and Contingent Liabilities](index=22&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) This section addresses the group's capital commitments and contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had **no significant contingent liabilities**[57](index=57&type=chunk) [Business Review](index=22&type=section&id=Business%20Review) This section reviews the performance of the group's three core businesses—travel amenities, operating supplies and equipment, and healthcare and hygiene products—for H1 2025, analyzing revenue, gross profit, and gross profit margin changes, and discussing macroeconomic impacts [Macroeconomic Environment](index=22&type=section&id=Macroeconomic%20Environment) This section discusses the complex and volatile global economic environment in H1 2025, characterized by easing inflation, recovering international air travel, but also policy instability, rising tariffs, and geopolitical conflicts - In H1 2025, the global economic environment was complex and volatile, with easing inflation and recovering international air travel demand and capacity, yet policy instability, soaring tariffs, and geopolitical conflicts continued to constrain global economic growth, challenging the business operating environment[58](index=58&type=chunk) [Travel Amenities Business](index=22&type=section&id=Travel%20Amenities%20Business) This section analyzes the financial performance of the travel amenities business, including revenue, gross profit, and gross profit margin, and discusses the challenges faced despite growth in international passenger numbers Travel Amenities Business Financial Performance | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 877.6 | 857.8 | 2.3% | | Gross Profit | 194.9 | 201.8 | (3.4)% | | Gross Profit Margin | 22.2% | 23.5% | (1.3) percentage points | - Despite continuous growth in international passenger numbers, macroeconomic instability, supply chain pressures, and intense industry competition pose challenges to the travel amenities business[59](index=59&type=chunk) Travel Amenities Business Regional Revenue | Region | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Share (2025) | Share (2024) | | :--- | :--- | :--- | :--- | :--- | | PRC | 208.0 | 235.1 | 23.7% | 27.4% | | Hong Kong | 138.4 | 109.8 | 15.8% | 12.8% | | North America | 158.2 | 176.1 | 18.0% | 20.5% | | Europe | 147.6 | 124.6 | 16.8% | 14.5% | | Other Asia Pacific | 172.5 | 176.4 | 19.7% | 20.6% | | Australia | 51.3 | 34.3 | 5.8% | 4.0% | [Operating Supplies and Equipment Business](index=23&type=section&id=Operating%20Supplies%20and%20Equipment%20Business) This section reviews the financial performance of the operating supplies and equipment business, highlighting revenue and gross profit growth driven by the Chinese hotel construction pipeline, and outlining future strategies Operating Supplies and Equipment Business Financial Performance | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 95.7 | 82.3 | 16.3% | | Gross Profit | 22.3 | 19.4 | 14.9% | | Gross Profit Margin | 23.3% | 23.5% | (0.2) percentage points | - Benefiting from the growth in China's hotel construction pipeline, both revenue and gross profit for this business segment achieved growth[61](index=61&type=chunk) - The Group will continue to focus on market demand, optimize product structure, enhance competitiveness through innovative R&D and strict quality control, and actively seize opportunities in the global tourism industry, especially Southeast Asian hotel projects, to expand its customer network[62](index=62&type=chunk) [Healthcare and Hygiene Products Business](index=23&type=section&id=Healthcare%20and%20Hygiene%20Products%20Business) This section analyzes the financial performance of the healthcare and hygiene products business, noting a decline in revenue and gross profit due to reduced demand for pandemic-related products, but an increase in gross profit margin Healthcare and Hygiene Products Business Financial Performance | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 55.3 | 83.3 | (33.6)% | | Gross Profit | 16.6 | 23.7 | (30.0)% | | Gross Profit Margin | 30.0% | 28.4% | 1.6 percentage points | - Reduced market demand for pandemic prevention products and shifts in customer purchasing behavior led to a decline in revenue and gross profit for this business, yet the gross profit margin increased against the trend[63](index=63&type=chunk)[64](index=64&type=chunk) - The Group will adjust strategies based on market demand, diversify existing products, identify new customer needs, actively promote production line transformation and upgrading, and seize growth opportunities arising from increased global health awareness[63](index=63&type=chunk) [Prospects and Strategies](index=24&type=section&id=Prospects%20and%20Strategies) This section outlines the group's vision, outlook on global tourism, strategic deployment in Cambodia, commitment to sustainable development, importance of partnerships, and operational strategies to address market changes for sustainable growth and profitability [Global Tourism Industry: Opportunities and Challenges](index=24&type=section&id=Global%20Tourism%20Industry%3A%20Opportunities%20and%20Challenges) This section discusses the global tourism industry's challenges, including weak economic growth and geopolitical tensions, alongside projected international traveler growth, and the group's strategy to monitor market dynamics and adapt operations - The Group aims to become a leading international brand focused on travel amenities and personal care products, creating ideal value for stakeholders, with a strong commitment to environmental protection and sustainable development[65](index=65&type=chunk) - The global tourism industry faces challenges such as weak economic growth, high travel costs, rising tariffs, and geopolitical tensions, yet the UNWTO still forecasts a **3% to 5% growth** in international travelers for 2025[66](index=66&type=chunk) - The Group will closely monitor market dynamics, flexibly adjust operational strategies and service systems, optimize resource allocation to strengthen core competitiveness, and strive for sustainable business development in a complex and volatile market environment[66](index=66&type=chunk) [Cambodia Plant Layout to Seize Southeast Asian Market Opportunities](index=24&type=section&id=Cambodia%20Plant%20Layout%20to%20Seize%20Southeast%20Asian%20Market%20Opportunities) This section explains the group's strategic establishment of a plant in Cambodia to address international trade barriers and supply chain restructuring, enhancing local service capabilities and capturing Southeast Asian market opportunities - To address international trade tariff barriers and supply chain restructuring challenges, the Group established a plant in Cambodia to enhance local service capabilities and seize Southeast Asian market opportunities[67](index=67&type=chunk) - The Group will continue to assess the impact of US tariff policies on its business and operations, closely monitor global supply chain dynamics, strengthen its business footprint in Cambodia and surrounding regions, and adjust strategies as necessary to mitigate potential risks[67](index=67&type=chunk) [Continued Commitment to Sustainable Development Goals](index=25&type=section&id=Continued%20Commitment%20to%20Sustainable%20Development%20Goals) This section highlights the group's ongoing commitment to ESG principles, integrating them into its development strategy, exploring business innovation, and promoting eco-friendly manufacturing processes to meet growing demand for sustainable operations and green products - The Group continues to prioritize Environmental, Social, and Governance (ESG) concepts, integrating them into its development strategy, actively exploring business innovation, and implementing eco-friendly manufacturing processes to meet the growing market demand for sustainable operations and green products[68](index=68&type=chunk) - The Group will continue to deepen its ESG implementation, actively fulfill its social and corporate responsibilities, and contribute to achieving global sustainable development goals[68](index=68&type=chunk) [Building Lasting Partnerships with Quality Products and Services](index=25&type=section&id=Building%20Lasting%20Partnerships%20with%20Quality%20Products%20and%20Services) This section emphasizes the group's philosophy of "win-win cooperation," leveraging superior products and services as core competitive advantages, continuously innovating to meet customer needs, and strengthening quality control to enhance satisfaction - The Group adheres to the philosophy of "win-win cooperation," leveraging excellent products and quality services as core competitive advantages, continuously innovating to meet the needs of existing and potential customers[69](index=69&type=chunk) - The Group will continue to strengthen quality control to enhance customer satisfaction and, while maintaining existing strategic partnerships, actively explore new potential customer segments to drive win-win growth[69](index=69&type=chunk) [Continued Prudent Operations, Cost Efficiency, and Productivity Enhancement to Address Market Changes](index=25&type=section&id=Continued%20Prudent%20Operations%2C%20Cost%20Efficiency%2C%20and%20Productivity%20Enhancement%20to%20Address%20Market%20Changes) This section outlines the group's strategy to operate with prudent management principles, strategically optimize operations, leverage its Cambodian production base, and strengthen R&D to enhance core competitiveness amidst global political and economic uncertainties - Facing profound changes in the global political and economic landscape and increasing uncertainties, the Group will operate with prudent management principles and strategically optimize its operations[70](index=70&type=chunk) - The Group will fully leverage its Cambodian production base as a strategic gateway to the Southeast Asian market to enhance cost efficiency and service capabilities, and strengthen R&D to reinforce core competitive advantages and seize new industry opportunities[70](index=70&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group employed approximately 7,500 people, with employee benefit expenses of about HK$263.0 million, and remuneration is determined by market terms and individual qualifications, complemented by various benefits and performance assessment plans - As of June 30, 2025, the Group had approximately **7,500 employees**[71](index=71&type=chunk) Employee Benefit Expenses | Metric | H1 2025 (HK$ Million) | | :--- | :--- | | Employee benefit expenses (including directors' emoluments) | 263.0 | - The Group's remuneration is determined by market terms and individual qualifications, offering discretionary bonuses, social/medical insurance, share award schemes, continuous education and training courses, and key performance indicator assessment plans[71](index=71&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers additional corporate information, including transactions in listed securities, corporate governance practices, audit committee review, directors' securities dealings, interim dividend declaration, and share register closure [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72](index=72&type=chunk) [Corporate Governance Code](index=26&type=section&id=Corporate%20Governance%20Code) The group has complied with all code provisions of the Corporate Governance Code, except for a deviation from code provision C.2.1 regarding the appointment of a chief executive officer - The Group has complied with all provisions of the Corporate Governance Code, except for a deviation from code provision C.2.1, where the CEO's duties are jointly performed by all executive directors, including the Chairman[73](index=73&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The company's Audit Committee, comprising three independent non-executive directors, has reviewed the group's unaudited interim condensed consolidated results for the six months ended June 30, 2025 - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim condensed consolidated results for the six months ended June 30, 2025[74](index=74&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance during the reporting period - Following enquiry, all directors of the Company confirmed compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers during the reporting period[75](index=75&type=chunk) [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HK 3.0 cents per share for the six months ended June 30, 2025, payable on September 30, 2025, to shareholders on record as of September 19, 2025 - The Board announced an interim dividend of **HK 3.0 cents per share** for the six months ended June 30, 2025[76](index=76&type=chunk) - The interim dividend will be paid on **September 30, 2025**, to shareholders whose names appear on the register of members on **September 19, 2025**[76](index=76&type=chunk) [Closure of Register of Members and Record Date](index=26&type=section&id=Closure%20of%20Register%20of%20Members%20and%20Record%20Date) To determine eligibility for the interim dividend, the company's share register will be closed from September 18 to September 19, 2025, with the record date set for September 19, 2025 - The register of members will be closed from **September 18 to September 19, 2025**, with the record date set for **September 19, 2025**, to determine eligibility for the interim dividend[77](index=77&type=chunk)

格隆汇8月13日丨明辉国际(03828.HK)宣布，将于2025年8月26日(星期二)举行董事会会议，以(其中包 括)批准公司及其附属公司截至2025年6月30日止六个月的中期业绩及考虑派发中期股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：03828） 承董事會命 明輝國際控股有限公司 主席 程志輝 香港，二零二五年八月十三日 於本公告日期，本公司之執行董事為程志輝先生、程志強先生、劉子剛先生、程俊華先生 及姜國雄先生；本公司之非執行董事為陳艷清女士；及本公司之獨立非執行董事為孔錦洪 先生、孫榮聰先生及鄺允傑先生。 董事會會議通知 明輝國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於二零二五年八月二 十六日（星期二）舉行董事會會議，以（其中包括）批准本公司及其附屬公司截至二零二 五年六月三十日止六個月之中期業績及考慮派發中期股息（如有）。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 明輝國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03828 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月 ...

Financial Performance - Revenue increased by 11.8% to approximately HK$2,311.3 million for the year ended December 31, 2024, compared to approximately HK$2,067.3 million for the previous year[13]. - Gross profit rose by 15.6% to approximately HK$579.9 million, up from approximately HK$501.7 million in the prior year[13]. - Gross profit margin improved by 0.8 percentage points to 25.1%, compared to 24.3% for the year ended December 31, 2023[13]. - Operating profit was approximately HK$173.7 million, an increase from approximately HK$144.1 million in the previous year[13]. - Profit attributable to owners of the Company was approximately HK$143.2 million, compared to approximately HK$104.2 million for the year ended December 31, 2023[13]. - Profit before income tax for the year was approximately HK$177.6 million, compared to HK$144.1 million in the previous year[15]. - Profit for the year was approximately HK$139.1 million, compared to HK$95.6 million for the previous year[15]. - Basic earnings per share attributable to owners of the Company for 2024 were HK$19.8 cents, reflecting a 37.5% increase from the previous year[20]. - The Group's total revenue increased by 11.8% to approximately HK$2,311.3 million, compared to HK$2,067.3 million for the year ended December 31, 2023[40]. - Profit attributable to owners of the Company for the year ended December 31, 2024, was approximately HK$143.2 million, up from HK$104.2 million in the previous year, representing a growth of 37.4%[44]. - Basic and diluted earnings per share attributable to owners of the Company for the year ended December 31, 2024, were both HK19.8 cents, compared to HK14.4 cents for the year ended December 31, 2023, reflecting a 37.5% increase[45]. Dividends - A proposed final dividend of HK7.0 cents per share was recommended, along with an interim dividend of HK3.0 cents per share, totaling HK10.0 cents per share for the year[13]. - The annual dividend payout ratio increased to 50.5%, up from 48.6% for the year ended December 31, 2023[13]. - The proposed final dividend for the year ended December 31, 2024, is HK7.0 cents per share, an increase from HK5.0 cents per share in the previous year, with total expected dividends of HK10.0 cents per share for 2024[46]. - The Group's distributable reserves amounted to approximately HK$985.3 million as of December 31, 2024[165]. - The Board intends to balance sufficient capital for business growth with rewarding shareholders through dividends[128]. - The Company reserves the right to change its dividend payment plans based on various factors including earnings and financial condition[134]. Business Operations - The hospitality supplies business contributed approximately HK$1,930.1 million to total revenue in 2024, up from HK$1,697.2 million in 2023[25]. - The Group is pursuing a supply chain diversification strategy, including production lines in Cambodia, to reduce costs and enhance efficiency[29]. - The Group plans to optimize its supply chain structure and explore opportunities in Southeast Asia to leverage cost benefits associated with regional low tariff policies[29]. - The Group's hospitality supplies business generated approximately HK$1,930.1 million in revenue, accounting for 83.5% of total revenue, compared to 82.1% in the previous year[40]. - The Group is focusing on supply chain diversification to enhance operational resilience and capitalize on opportunities in Southeast Asia[39]. - The Group aims to enhance its production capabilities in Cambodia to achieve greater cost efficiency and leverage local tax policies for market expansion[97]. - The Group plans to optimize product categories and quality standards in the OS&E business and explore growth opportunities in Southeast Asia[85]. Market Trends - The global tourism industry is showing signs of recovery, with 1.4 billion international tourist arrivals recorded in 2024, indicating a rebound from the COVID-19 pandemic[24]. - The Group maintains a cautiously optimistic outlook on the future of the tourism industry, despite ongoing global economic uncertainties[30]. - An estimated 1.4 billion international tourists traveled in 2024, indicating a 99% recovery of pre-pandemic levels, representing an increase of 11% over 2023[73]. Financial Position - As of December 31, 2024, the Group's cash and cash equivalents amounted to approximately HK$328.6 million, down from HK$375.1 million as of December 31, 2023[48]. - The Group's net assets as of December 31, 2024, were approximately HK$1,263.3 million, an increase from HK$1,193.2 million as of December 31, 2023[49]. - The Group's total borrowings as at 31 December 2024 amounted to HK$26.1 million, a decrease from HK$49.2 million in 2023[60]. - The effective interest rate for secured bank borrowings remained at a floating rate of 1.7% per annum for both 2024 and 2023[57]. - The repayment terms indicate that borrowings within 1 year decreased to HK$14.6 million in 2024 from HK$22.8 million in 2023[60]. - The Group's foreign currency exposure primarily relates to Renminbi (RMB), with no foreign currency hedging policy currently in place[67]. - The carrying amounts of assets pledged as security for borrowings totaled HK$51.3 million as at 31 December 2024, down from HK$54.3 million in 2023[65]. - The Group has no material contingent liabilities as at 31 December 2024, consistent with the previous year[68]. Risk Management - The Group faces risks related to reliance on direct sales customers and distributors, which may affect business and profitability if purchase volumes decline[144]. - The Group is subject to price fluctuations of raw materials, which could adversely impact profits if costs cannot be managed[145]. - The Group's operations are influenced by various market risks, including currency fluctuations and liquidity risks[147]. - The Group emphasizes compliance with laws and regulations, which may incur significant expenditures if changes occur[152]. - The Group will continue to improve operational systems and enhance resource allocation efficiency to strengthen risk management[103]. Corporate Governance - The company has a strong executive team with extensive experience in the hospitality supplies industry and financial management[121]. - All Independent Non-Executive Directors have confirmed their independence in accordance with the Listing Rules[174]. - No significant transactions or contracts involving Directors or entities connected to them existed during the year ended December 31, 2024[182]. Strategic Initiatives - The Group aims for long-term and stable growth by aligning with trends in environmental-friendly production and circular economy development[31]. - The Group is committed to sustainability, focusing on environmental-friendly products and incorporating eco-friendly materials into production[98]. - The Group emphasizes long-term relationships with business partners by prioritizing high-quality products and exceptional services[99]. - The Group's strategic direction will be adjusted to capture market shares and solidify its leading position in the industry[103]. Management and Leadership - Mr. LIU Zigang has over 20 years of experience in the hospitality supplies industry and oversees sales in the Greater China Region[109]. - Mr. CHING Tsun Wah, with extensive experience in the hospitality supplies industry, oversees sales in Southeast Asia and overseas markets[110]. - Mr. KEUNG Kwok Hung has over 30 years of experience in accounting and financial management, serving as the Chief Financial Officer since 2014[113]. - Ms. CHAN Yim Ching has over 30 years of experience in the hospitality supplies industry and was responsible for export sales to overseas markets[114]. - Mr. HUNG Kam Hung Allan has over 30 years of senior management experience in hotel operations and investments, serving as an Independent Non-Executive Director since 2007[115]. - Mr. SUN Eric Yung Tson has been the managing director of Kin Hip Metal & Plastic Factory since 2006, focusing on positioning products in emerging markets[119]. - Mr. KWONG Tony Wan Kit has over 20 years of experience in accounting and financial management, currently serving as an Independent Non-Executive Director since 2021[120]. Cambodia Operations - The Group established a VIE Structure to exercise control over the operations of the Landholding Company due to foreign ownership restrictions in Cambodia[190]. - The Local Partner was replaced by Mr. CHING Tsun Wah, an Executive Director, as a shareholder of the Landholding Company on June 16, 2021[192]. - The Landholding Company remains a subsidiary of the Group, holding a land parcel and properties for investment purposes[193]. - The Group's business in Cambodia has matured and stabilized over time, with increased involvement from Mr. CHING Tsun Wah since 2018[194]. - Mr. CHING Tsun Wah holds 51% of the equity interests in the Landholding Company, while Ming Fai Holdings Limited holds 49%[198]. - The New Loan Agreement involves an interest-free loan of US$2,500,000 for the acquisition of 51% of the equity interests of the Landholding Company[200]. - The New Shareholders' Agreement and New Power of Attorney replace the previous agreements and establish a New VIE Structure[197]. - The change of local partner aims to better safeguard the interests of the Company in the Landholding Company[198]. - The New VIE Structure was established to ensure compliance with local regulations and enhance operational efficiency[199]. - The Group's business in Cambodia is gradually maturing and developing steadily[198].

Financial Performance - Revenue increased by 11.8% to approximately HKD 2,311.3 million for the year ended December 31, 2024, compared to HKD 2,067.3 million for the year ended December 31, 2023[2]. - Gross profit rose by 15.6% to approximately HKD 579.9 million, with a gross margin increase of 0.8 percentage points to 25.1%[2]. - Operating profit was approximately HKD 173.7 million, up from HKD 144.1 million in the previous year[2]. - Profit attributable to owners of the company was approximately HKD 143.2 million, compared to HKD 104.2 million for the year ended December 31, 2023[2]. - Basic and diluted earnings per share increased to HKD 19.8 from HKD 14.4 year-over-year[3]. - The company reported a net profit of HKD 139,113,000 for the year, demonstrating overall profitability despite market challenges[15]. - The profit before tax was HKD 205,918,000, showing a strong performance across various segments[16]. - The company reported a net profit of HKD 95,631,000 for the year, demonstrating effective cost management and revenue generation strategies[16]. Dividends and Shareholder Returns - Proposed final dividend of HKD 0.07 per share, totaling HKD 0.10 per share for the year, with a payout ratio of 50.5%[2]. - The board proposed a final dividend of HKD 7.0 cents per share, with total dividends for the year expected to be HKD 10.0 cents per share, a 42.9% increase from HKD 7.0 cents in the previous year[43]. - The company proposed a final dividend of HKD 0.07 per share for the year ending December 31, 2024, totaling approximately HKD 51,398,000, pending shareholder approval[36]. Assets and Liabilities - Total assets increased to HKD 1,995.3 million as of December 31, 2024, compared to HKD 1,965.2 million as of December 31, 2023[4]. - Total liabilities decreased to HKD 732.0 million as of December 31, 2024, from HKD 772.0 million in the previous year[5]. - Total assets amounted to HKD 1,995,335,000 as of December 31, 2024, with significant investments in non-current assets[15]. - Total assets as of December 31, 2023, reached HKD 1,965,228,000, indicating robust asset management[16]. - The total liabilities were HKD 772,012,000, reflecting a manageable debt level relative to assets[16]. Revenue Streams - The hotel supplies business generated revenue of HKD 322,989,000, while the operational supplies and equipment business reported HKD 315,893,000[15]. - The health care and hygiene products segment achieved revenue of HKD 294,759,000, indicating a diversified revenue stream[15]. - The hotel supplies business revenue increased by 13.7% to approximately HKD 1,930.1 million for the year ending December 31, 2024, compared to HKD 1,697.2 million for the previous year, accounting for 83.5% of total group revenue[59]. - Revenue from the hotel supplies business in various regions for the year ending December 31, 2024, was approximately HKD 528.0 million from China, HKD 294.4 million from Hong Kong, HKD 323.0 million from North America, HKD 315.9 million from Europe, HKD 375.7 million from other Asia-Pacific regions, and HKD 90.1 million from Australia[60]. - The operating supplies and equipment business revenue increased by 8.8% to approximately HKD 210.4 million, accounting for 9.1% of total group revenue[61]. - The healthcare and hygiene products business revenue was approximately HKD 170.8 million, a decrease from HKD 176.8 million the previous year, accounting for 7.4% of total group revenue[64]. Cost Management and Expenses - The cost of goods sold for the year was HKD 1,182,765,000, up from HKD 1,077,213,000 in the previous year, indicating increased operational costs[20]. - Employee benefits expenses rose to HKD 567,833,000, compared to HKD 494,167,000 in the prior year, highlighting investment in human resources[20]. - Depreciation of property, plant, and equipment increased to HKD 59,215,000, up from HKD 52,541,000, reflecting ongoing capital investments[20]. - The company aims to reduce costs and increase efficiency to steadily improve profit margins amidst global economic uncertainties[70]. Future Plans and Strategies - The company plans to adopt the new Hong Kong Financial Reporting Standard No. 18 starting January 1, 2027, which will impact the presentation and disclosure of financial statements[12]. - The company plans to expand its product categories and services in the healthcare and hygiene sector to respond to market changes and create new growth opportunities[63]. - The company aims to enhance its production capacity in Cambodia to alleviate cost pressures and capitalize on the market potential in Southeast Asia[67]. - The company is committed to integrating more environmentally friendly materials into its production processes and aims to achieve long-term sustainability goals[68]. - The company will continue to focus on product innovation and service upgrades to enhance product competitiveness and customer satisfaction[69]. - The company will continue to deepen sustainable development and enhance core competitiveness to capture market share and solidify its industry-leading position[70]. Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for the appointment of a CEO, which is currently managed collectively by the executive directors[72]. - The audit committee has reviewed the group's annual performance for the year ended December 31, 2024[74]. - The company has not purchased, sold, or redeemed any of its listed securities during the year ended December 31, 2024[73]. Employee Information - The total number of employees as of December 31, 2024, is approximately 7,900, with employee benefit expenses (including director remuneration) amounting to approximately HKD 567.8 million[71]. Meeting and Reporting - The company plans to hold its annual general meeting on May 22, 2025, with a record date for shareholders set for the same day[76]. - The annual report will be published on the Hong Kong Stock Exchange's website and the company's website at an appropriate time[80].

Financial Performance - Revenue increased by 10.9% to approximately HK$1,023.4 million for the six months ended June 30, 2024, compared to approximately HK$922.8 million for the same period in 2023[5]. - Gross profit rose by 9.9% to approximately HK$244.9 million, up from approximately HK$222.9 million in the prior year[5]. - Operating profit was approximately HK$64.0 million, an increase from approximately HK$56.3 million for the six months ended June 30, 2023[5]. - Profit attributable to owners of the Company was approximately HK$53.3 million, compared to approximately HK$38.5 million for the same period in 2023[5]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were HK7.4 cents, up from HK5.3 cents in the same period last year[9]. - Profit for the period reached HK$51,667,000, significantly higher than HK$31,691,000 in 2023, representing a year-over-year increase of 63.1%[39]. - Total comprehensive income for the period was HK$43,866,000, compared to HK$26,681,000 in 2023, indicating a substantial improvement[39]. - Profit for the period attributable to owners of the Company for the six months ended 30 June 2024 was HK$53,273,000, an increase from HK$38,497,000 in the same period of 2023, representing a growth of 38.5%[87]. - Basic earnings per Share attributable to owners of the Company increased to 7.4 HK cents for the six months ended 30 June 2024, compared to 5.3 HK cents for the same period in 2023, reflecting a rise of 39.6%[87]. Dividends - An interim dividend of HK3.0 cents per share was declared for the six months ended June 30, 2024, compared to HK2.0 cents per share for the same period in 2023[5]. - The Board declared an interim dividend of HK3.0 cents per share, compared to HK2.0 cents per share for the same period last year[9]. - The total dividend paid during the six months ended 30 June 2024 was approximately HK$36,713,000, including an interim dividend of HK3.0 cents per Share, up from HK2.0 cents per Share in the same period of 2023[89]. Assets and Liabilities - As of June 30, 2024, cash and cash equivalents amounted to approximately HK$314.4 million, down from HK$375.1 million as of December 31, 2023[9]. - The Group's net assets increased to approximately HK$1,200.9 million as of June 30, 2024, compared to HK$1,193.2 million at the end of 2023[9]. - Total assets as of June 30, 2024, were HK$1,869,009,000, down from HK$1,965,228,000 as of December 31, 2023[38]. - Total liabilities decreased to HK$668,118,000 as of June 30, 2024, from HK$772,012,000 as of December 31, 2023[38]. - Total current assets decreased to HK$1,305,554,000 as of June 30, 2024, from HK$1,406,916,000 as of December 31, 2023[37]. - Non-current liabilities totaled HK$20,509,000 as of June 30, 2024, a decrease from HK$23,416,000 as of December 31, 2023[38]. Borrowings and Liquidity - Secured bank borrowings as of June 30, 2024, were HK$2.7 million with an effective interest rate of 1.7% per annum over 1-month HIBOR[12]. - The Group actively manages its liquidity position with standby banking facilities to support daily operations and future capital demands[9]. - As of June 30, 2024, the Group's total borrowings amounted to approximately HK$37.2 million, a decrease from HK$49.2 million as of December 31, 2023[13]. - The total carrying amount of assets pledged as security for borrowings was HK$52,684,000 as of June 30, 2024, down from HK$54,238,000 as of December 31, 2023[76]. - The undrawn banking facilities of the Group were approximately HK$395,852,000 as of June 30, 2024, compared to HK$397,976,000 as of December 31, 2023[76]. Segment Performance - Revenue from the Group's hospitality supplies business for the six months ended June 30, 2024, increased by 14.2% to approximately HK$857.8 million, contributing 83.8% to the Group's total revenue[20]. - Revenue from the OS&E business was approximately HK$82.3 million for the six months ended 30 June 2024, representing an increase of 23.8% compared to HK$66.5 million for the same period in 2023[21]. - Revenue from the health care and hygienic products business was approximately HK$83.3 million for the six months ended June 30, 2024, down from HK$105.3 million in the same period in 2023, contributing 8.2% to total revenue[22]. - Revenue from the hospitality supplies business in the PRC, Hong Kong, North America, Europe, other Asia Pacific regions, and Australia for the six months ended June 30, 2024, accounted for 27.4%, 12.8%, 20.5%, 14.5%, 20.6%, and 4.0% of total segment revenue, respectively[20]. Operational Strategies - The Company continues to focus on enhancing its product offerings and market presence[6]. - Future strategies include potential market expansion and new product development initiatives[6]. - The Group aims to become an excellent international corporate brand specializing in hospitality supplies and personal care products, focusing on sustainable development[22]. - The Group plans to deepen its business in Cambodia and neighboring regions to leverage low tariffs and vast business opportunities in Southeast Asia[22]. - The Group will continue to adopt flexible market strategies to strengthen market penetration and consolidate its leading market position in the industry[23]. Employee and Management Information - The total number of employees as of June 30, 2024, was approximately 7,700, with employee benefit expenses amounting to approximately HK$267.9 million for the six months ended June 30, 2024[23]. - The remuneration of employees is structured based on market terms and individual merits, with regular reviews and various benefits provided[23]. - Key management compensation increased to HK$3,585,000 in 2024 from HK$3,392,000 in 2023, reflecting a rise of 5.7%[103]. - Total contributions to pension plans for key management were HK$3,646,000 in 2024, compared to HK$3,454,000 in 2023, marking an increase of 5.6%[103]. Financial Risks and Compliance - The Group's activities are exposed to various financial risks, including market risk, credit risk, and liquidity risk[49]. - The Group complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2024, except for the lack of a designated chief executive officer[32]. - The Group is continuously enhancing risk management capabilities to ensure long-term stable development amid a complex macroeconomic environment[23]. - The Group does not expect the newly issued amendments to standards and interpretations to significantly affect its financial information[48]. Shareholder Information - Directors' interests in shares as of June 30, 2024, include Mr. CHING Chi Fai holding 22,690,000 shares and a total interest of 220,356,200 shares, representing approximately 30.01% of issued shares[25]. - The total number of issued shares as of June 30, 2024, was 734,262,697 shares[27]. - The company disclosed that none of the directors had any interest or short positions in shares or debentures of the company or its associated corporations as of June 30, 2024[29].

Financial Performance - Revenue increased by 10.9% to approximately HKD 1,023.4 million for the six months ended June 30, 2024, compared to HKD 922.8 million for the same period in 2023[1]. - Gross profit rose by 9.9% to approximately HKD 244.9 million, with a gross margin decrease of 0.3 percentage points to 23.9%[1]. - Operating profit was approximately HKD 64.0 million, up from HKD 56.3 million in the previous year[1]. - Profit attributable to owners of the company was approximately HKD 53.3 million, compared to HKD 38.5 million for the same period in 2023[1]. - The interim dividend declared is HKD 0.03 per share, an increase from HKD 0.02 per share in the previous year[1]. - The company reported a total comprehensive income of HKD 43.9 million for the period, compared to HKD 26.7 million in the previous year[3]. - The total profit for the period, after tax expenses, was reported at HKD 121,898,000[11]. - Basic earnings per share attributable to the company's owners increased to HKD 7.4, up 39.6% from HKD 5.3[25]. Revenue Breakdown - The revenue breakdown includes HKD 176,110,000 from hotel supplies, HKD 124,570,000 from operational supplies and equipment, and HKD 236,456,000 from healthcare and hygiene products[11]. - Revenue from the hotel supplies business increased by 14.2% to approximately HKD 857.8 million, accounting for 83.8% of total revenue[46]. - Revenue from the healthcare and hygiene products business was approximately HKD 83.3 million for the six months ended June 30, 2024, a decrease from HKD 105.3 million in the same period of 2023, representing 8.2% of total revenue[50]. - The operational supplies and equipment segment generated revenue of HKD 750,964,000, contributing significantly to the overall performance[11]. - The operational supplies and equipment business generated revenue of approximately HKD 82.3 million for the six months ended June 30, 2024, an increase of 23.8% from HKD 66.5 million in the same period of 2023, accounting for 8.0% of total revenue[48]. Expenses and Costs - The cost of goods sold for the six months ended June 30, 2024, was HKD 527,755, an increase from HKD 484,975 in 2023, reflecting a rise of about 8.8%[13]. - Employee benefits expenses increased to HKD 267,852 for the six months ended June 30, 2024, compared to HKD 226,586 in 2023, marking an increase of approximately 18.2%[13]. - The total tax expense for the six months ended June 30, 2024, was HKD 13,590, compared to HKD 22,887 in 2023, showing a decrease of approximately 40.6%[16]. - Depreciation of property, plant, and equipment was HKD 26,368 for the six months ended June 30, 2024, slightly down from HKD 26,933 in 2023, reflecting a decrease of about 2.1%[13]. Assets and Liabilities - Total assets decreased to HKD 1,869.0 million from HKD 1,965.2 million as of December 31, 2023[4]. - Total liabilities decreased to HKD 668.1 million from HKD 772.0 million[5]. - Cash and cash equivalents totaled HKD 314.366 million as of June 30, 2024, compared to HKD 375.093 million at the end of 2023[21]. - Net trade receivables as of June 30, 2024, were HKD 559.995 million, down from HKD 609.771 million as of December 31, 2023[18]. - Trade payables as of June 30, 2024, were HKD 226.713 million, a decrease from HKD 282.462 million as of December 31, 2023[22]. Strategic Focus and Future Outlook - The group continues to focus on market expansion and product development strategies to enhance future growth prospects[11]. - The company aims to expand its presence in Southeast Asia, having commenced operations of a liquid product production line in Cambodia to enhance cost efficiency and tap into market opportunities[53]. - The company is committed to sustainable development and green production processes in its hotel supplies and healthcare businesses, aligning with increasing environmental standards[54]. - The company anticipates that international tourism will fully recover in 2024, despite ongoing economic challenges, and will actively seek to identify market changes to ensure stable growth[52]. Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange, except for the appointment of a CEO, which is currently managed collectively by all executive directors[59]. - The audit committee, composed of four independent non-executive directors, has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2024[60]. - The company has adopted the Standard Code for Securities Transactions by Directors as per the listing rules, and all directors have confirmed compliance for the six months ended June 30, 2024[61]. Employee Performance and Incentives - The company has implemented key performance indicator assessment plans and annual incentive schemes to enhance employee performance and operational efficiency[57]. - The board believes that the current arrangement of having all executive directors share the responsibilities of the CEO is beneficial for leveraging diverse expertise[59]. - The company is committed to regular reviews of employee remuneration based on market terms and individual qualifications[57].

Financial Performance - For the year ended December 31, 2023, the revenue increased to HK$2,067,273,000, representing a growth of 15.3% compared to HK$1,793,025,000 in 2022[8] - Profit before income tax for 2023 was HK$144,074,000, a significant increase from HK$89,986,000 in 2022, marking a growth of 60.0%[8] - The profit for the year was HK$95,631,000, up from HK$69,842,000 in 2022, reflecting a year-on-year increase of 37.0%[8] - Gross profit rose by 18.1% to approximately HK$501.7 million, up from approximately HK$424.8 million in the previous year[21] - Operating profit was approximately HK$144.1 million, significantly higher than approximately HK$91.8 million for the year ended December 31, 2022[21] - Profit attributable to owners of the Company was approximately HK$104.2 million, compared to approximately HK$75.5 million for the year ended December 31, 2022[21] - The gross profit margin increased by 0.6 percentage points to 24.3%, compared to 23.7% for the year ended December 31, 2022[21] - The annual dividend payout ratio increased to 48.6%, up from 38.5% for the year ended December 31, 2022[21] Assets and Liabilities - Total assets as of December 31, 2023, reached HK$1,965,228,000, an increase of 12.3% from HK$1,749,461,000 in 2022[8] - Current assets rose to HK$1,406,916,000 in 2023, compared to HK$1,204,330,000 in 2022, indicating a growth of 16.8%[8] - Total equity increased to HK$1,193,216,000 in 2023, up from HK$1,131,481,000 in 2022, representing a growth of 5.5%[8] - Current liabilities increased to HK$748,596,000 in 2023, compared to HK$596,371,000 in 2022, reflecting a rise of 25.5%[8] - Non-current liabilities were reported at HK$23,416,000 in 2023, a slight increase from HK$21,609,000 in 2022[8] Market and Business Strategy - The company plans to continue expanding its market presence and invest in new product development to drive future growth[6] - The management expressed optimism about future performance, citing ongoing strategic initiatives and market opportunities[6] - The Group plans to explore potential business opportunities in surrounding Southeast Asian countries while maintaining market sensitivity and adjusting production capacity as needed[36] - The Group aims to expand its replenishment business scale and seize development opportunities in hotel construction projects in Southeast Asia to enhance growth potential in the OS&E business[113] - The Group plans to optimize product categories and quality while adjusting product mix strategies to strengthen partnerships within the hospitality industry[113] Industry Trends - The global tourism industry showed a gradual recovery, with international tourism reaching 88% of pre-pandemic levels by the end of 2023, with an estimated 1.3 billion international arrivals[30] - International air capacity and passenger demand recovered to about 90% of pre-pandemic levels through October 2023[30] - Global occupancy rates in accommodation establishments reached 65% in November 2023, slightly above 62% in November 2022[30] - The overall performance of international tourism improved, with nearly 1.3 billion international arrivals in 2023, representing a year-on-year increase of 33.9%[94] - The global tourism industry is expected to fully recover to pre-pandemic levels in 2024, with an initial estimate of 2% growth above 2019 levels, contingent on the recovery pace in Asia and geopolitical risks[126] Production and Operations - The Group operates production lines for hospitality supplies in Cambodia, benefiting from abundant labor resources and favorable geographical location, which aids in reducing production costs[36] - The Group has strategically initiated operations at its first Southeast Asia-oriented production line in Cambodia, expanding into liquid products, socks, and handbags to achieve cost-efficiency in manufacturing[127] - The Group is committed to the research and development of green products, incorporating more environmentally friendly materials in hospitality supplies and healthcare products to meet rising ESG standards[128] Leadership and Governance - The company has a strong leadership team with extensive experience in the hospitality supplies industry, including Mr. CHING Chi Fai, Mr. LIU Zigang, and Mr. CHING Tsun Wah[146][147][148] - The company has established various committees, including the Nomination Committee, Executive Committee, and Investment Committee, to guide its strategic initiatives[146] - The company has a diverse board with expertise in finance, hospitality, and manufacturing, enhancing its strategic decision-making capabilities[157] - The company maintains a strong governance structure with various committees, including Audit, Nomination, and Remuneration Committees[156] Risks and Challenges - The Group faces risks related to reliance on direct sales customers and distributors, which may impact future sales volumes[178] - Price fluctuations of raw materials pose a risk to the Group's profitability, as increased costs may not be recoverable through price adjustments[187] - Operational risks include potential defaults by customers and inadequacies in internal processes, which could negatively affect operational results[188] - Market risks such as currency fluctuations and interest rate volatility are inherent in the Group's business operations[189] - Compliance with laws and regulations is critical, as non-compliance may lead to significant fines and operational disruptions[190] Corporate Social Responsibility - The Group is committed to sustainable development and corporate social responsibility (CSR), focusing on environmental protection and community contributions[199] - CSR is viewed as a responsibility towards the community, integrating environmental management into business planning and operations[200]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,077,213,000, an increase from HKD 948,165,000 in 2022, representing a growth of approximately 13.6%[15] - The company's total revenue for the year ended December 31, 2023, increased by 15.3% to approximately HKD 2,067.3 million, compared to HKD 1,793.0 million for the year ended December 31, 2022[55] - The profit attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 104.2 million, compared to HKD 75.5 million for the year ended December 31, 2022[56] - Basic and diluted earnings per share for the year ended December 31, 2023, were both 14.4 HK cents, up from 10.4 HK cents for the year ended December 31, 2022[57] - Gross profit rose by 18.1% to approximately HKD 501.7 million, up from HKD 424.8 million for the previous year[100] - Operating profit was approximately HKD 144.1 million, compared to HKD 91.8 million for the year ended December 31, 2022[100] - The group reported a net profit before tax of HKD 1,965,228,000 for the year ending December 31, 2023, compared to HKD 772,012,000 for the previous year, indicating a substantial growth[125] Dividends and Equity - The company proposed a final dividend of HKD 36,713,000 for the year, compared to HKD 22,028,000 in the previous year, which is an increase of approximately 66.7%[2] - The proposed final dividend for the year ended December 31, 2023, is HKD 0.05 per share, subject to shareholder approval at the annual general meeting[80] - The proposed final dividend for the year is HKD 0.05 per share, totaling HKD 7.0 per share including the interim dividend, with a payout ratio of 48.6%[100] - The company’s total equity as of December 31, 2023, was HKD 1,193,216,000, up from HKD 1,131,481,000 in 2022, representing an increase of approximately 5.5%[2] Expenses and Liabilities - Employee benefits expenses increased to HKD 494,167,000 in 2023 from HKD 424,453,000 in 2022, marking a growth of around 16.4%[15] - Current liabilities increased to HKD 748.6 million from HKD 596.4 million in the previous year[102] - The company’s total liabilities decreased from HKD 110.8 million in 2022 to HKD 49.2 million in 2023, indicating improved financial stability[150] Revenue Breakdown - The hotel supplies business, operational supplies and equipment business, and healthcare and hygiene products business generated revenues of approximately HKD 1,697.2 million, HKD 193.3 million, and HKD 176.8 million, respectively, accounting for 82.1%, 9.4%, and 8.5% of total revenue[55] - For the year ended December 31, 2023, the hotel supplies business revenue increased by 23.3% to approximately HKD 1,697.2 million, accounting for 82.1% of total revenue[159] - The revenue from health care and hygiene products in Hong Kong for the year ending December 31, 2023, was approximately HKD 4.3 million, a significant decrease from HKD 77.7 million in the previous year, accounting for 2.4% of total revenue in this category[184] Market and Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, focusing on increasing its footprint in Cambodia and Singapore[55] - New product development initiatives are underway, particularly in the healthcare and hygiene sector, to meet growing consumer demand[55] - The company is exploring potential acquisitions to enhance its operational capabilities and market reach[55] - The company aims to produce high-quality health care and hygiene products to meet diverse market demands, while also adapting to changes in market supply and demand structures post-COVID-19[73] - The company is committed to developing green products to meet local government and customer demands for sustainable governance and operational models[66] Operational Efficiency - The company reported a gross profit margin improvement, reflecting effective cost management strategies implemented during the year[46] - The company maintained a prudent capital management policy and actively managed its liquidity position to meet operational and future funding needs[143] - The company has adopted a flexible development strategy to effectively manage market risks and maintain a solid foundation for long-term growth opportunities[67] Compliance and Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange, except for the absence of a CEO, with responsibilities shared among all executive directors[187] - The company has a dedicated audit committee composed of four independent non-executive directors to review its annual performance[188]