Financial Performance - Sitoy Group Holdings reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a year-on-year growth of 15%[15]. - The company reported a total revenue of approximately HKD 1,424.9 million, a decrease of 21.2% compared to the previous year[18]. - Gross profit fell by 7.4% to about HKD 406.4 million, with a gross margin of 28.5%[29]. - The company recorded a loss attributable to equity holders of approximately HKD 150.2 million, with a basic loss per share of HKD 15.61[31]. - The group’s revenue decreased by approximately 21.2% from about HKD 1,808.9 million in the fiscal year 2020 to about HKD 1,424.9 million in the fiscal year 2021, primarily due to a reduction in customer manufacturing orders[54]. - The manufacturing business generated segment revenue of approximately HKD 897.1 million, with a segment loss before tax of about HKD 52.1 million, compared to a profit of HKD 60.6 million in the previous year, reflecting a decline of approximately 31.7% in procurement orders from external customers[47]. - The retail segment showed significant growth, particularly in the Chinese market, which outperformed other regions[31]. - Retail segment revenue increased by 6.8% to approximately HKD 514.3 million, with a pre-tax segment loss of approximately HKD 61.4 million, significantly improved from a loss of HKD 156.2 million last year[34]. Growth Strategies - Sitoy Group anticipates continued growth, projecting a revenue increase of 10-15% for the next fiscal year, driven by new product launches and market expansion strategies[15]. - The company plans to open 10 new retail locations across mainland China in the upcoming year, enhancing its market presence[15]. - The company is investing in research and development, with a budget allocation of HKD 50 million for innovative handbag designs and sustainable materials[15]. - The company has established a partnership with Cole Haan, expanding its product offerings and distribution channels in Hong Kong and mainland China[3]. - The company plans to focus its future store openings primarily in domestic cities[31]. - The company plans to focus resources on expanding its retail brands, including TUSCAN'S, Fashion & Joy, Amedeo Testoni, and Cole Haan[39]. Sustainability Initiatives - Sitoy Group is committed to sustainability, with plans to reduce carbon emissions by 20% over the next three years through eco-friendly manufacturing processes[15]. - The company aims to gradually reduce harmful gas emissions during production and is committed to long-term production of carbon-neutral products and services[181]. - The company has implemented resource and energy management policies to reduce consumption and save resources, including the use of LED lighting and water-saving measures[188][189]. - The company has established a comprehensive environmental management system, including policies for emissions management and waste reduction[180]. - The group focuses on environmental, social, and governance (ESG) performance in manufacturing and selling handbags, small leather goods, and travel products in China and Hong Kong[165]. Corporate Governance - The company reported a commitment to good corporate governance practices, aiming to enhance transparency and accountability to shareholders[96]. - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[102]. - The company has adopted corporate governance practices that comply with the Hong Kong Stock Exchange's listing rules, ensuring adherence to the corporate governance code[97]. - The management team is responsible for implementing board decisions and reporting on overall performance[104]. - The company has established clear powers and responsibilities for both the board and management under internal control mechanisms[103]. Risk Management - The company has established a risk management system to identify, assess, and manage risks associated with its business operations[139]. - No significant risks were identified during the risk assessment conducted in the fiscal year[142]. - The internal control system is aligned with the COSO 2013 framework, ensuring operational efficiency and compliance with applicable laws[143]. - The board conducted a semi-annual review of the effectiveness of the risk management and internal control systems, concluding that they are effective and appropriate[155]. Employee Welfare - The group provides competitive compensation packages to retain industry talent, with annual reviews based on qualifications, positions, and experience[197]. - The group offers various employee benefits, including housing, shopping discounts, and performance rewards, to promote work-life balance[198]. - Regular performance evaluations are conducted to assess employee capabilities and provide opportunities for promotion[199]. - The group provides comprehensive onboarding training for new employees to familiarize them with policies and safety knowledge[200]. - The group emphasizes a diverse workforce and does not tolerate any form of discrimination in its hiring practices[194].
时代集团控股(01023) - 2021 - 年度财报