周生生(00116) - 2021 - 中期财报

Financial Performance - The Group's consolidated turnover from continuing operations for the first half of 2021 increased by 69% to HK$10,825 million compared to HK$6,403 million in the same period of 2020[7]. - Profit attributable to owners of the Company increased by 154% to HK$536 million, up from HK$211 million in the first half of 2020[7]. - Earnings per share for the period increased by 154% to 79.1 cents, compared to 31.2 cents in the same period last year[3]. - The interim dividend per share was declared at 14.0 cents, with a payout ratio of 18%, up from 5.0 cents and a 16% payout ratio in the previous year[3]. - Total turnover for the six months ended June 30, 2021, was HK$10,825,319, an increase from HK$6,403,008 in the same period of 2020, representing a growth of approximately 69.5%[39]. - Profit before tax from continuing operations was HK$727,220, compared to HK$301,394 for the same period in 2020, reflecting an increase of approximately 141.5%[39]. - Total comprehensive income for the period was HK$866,666, up from HK$360,464 in the same period of 2020, representing an increase of approximately 140.5%[43]. Sales Growth - Mainland China Same Store Sales Growth (SSSG) during the first half of 2021 grew by 69%, reversing the decline experienced in 2020[7]. - Retail turnover in Mainland China surged by 94% year-on-year to HK$7,164 million, while segment results increased by 27% to HK$557 million[11]. - Retail turnover in Hong Kong and Macau increased by 33% to HK$2,533 million, with segment results showing a significant recovery to HK$148 million from a loss of HK$154 million in the previous year[11]. - Retail turnover in Taiwan rose by 29% to HK$79 million, with segment results increasing by 322% to HK$4.5 million[11]. - Overall same-store sales growth (SSSG) for the first half of 2021 was +69%, rebounding from a -32% decline in the first half of 2020[16]. - Watch sales experienced a remarkable increase of 193% in the first half of 2021 compared to the first half of 2020, following a 27% growth in the first half of 2019[16]. - The demand for gold jewellery and luxury watches, particularly Rolex and Tudor, significantly contributed to the sales growth during the first half of 2021[7]. Store Expansion and Online Sales - The number of stores increased from 748 as of December 31, 2020, to 778 as of June 30, 2021, with a net change of +30 stores[27]. - A total of 19 new "Oasis by Chow Sang Sang" stores were opened in Mainland China, primarily in residential neighborhoods of first-tier to third-tier cities[28]. - Online sales in Mainland China reached HK$1,123 million, a 44% increase compared to HK$781 million in the same period last year[28]. - The "Charme" collection saw encouraging sales growth, further enhanced by the introduction of new "mini-Charme" products[31]. - Over 2,700 hours of live streaming shows were broadcasted on various e-commerce platforms during the six months ended June 30, 2021[31]. Financial Position and Capital Expenditure - The Group's equity attributable to owners increased by 5% to HK$12,604 million, with equity per share rising to HK$18.6 from HK$17.7[3]. - As of June 30, 2021, the Group had cash and cash equivalents of HK$1,221 million, down from HK$1,654 million at the end of 2020[35]. - The Group incurred capital expenditure of HK$113 million, with HK$85 million spent on new openings and store refitting[33]. - The Group's total unutilised banking facilities amounted to HK$3,460 million as of June 30, 2021, compared to HK$4,083 million at the end of 2020[35]. - Total bank borrowings and bullion loans were HK$2,262 million, with a gearing ratio of 17.9% based on equity attributable to owners of HK$12,604 million[35]. Corporate Governance and Risk Management - The Company has complied with the Corporate Governance Code throughout the review period, with a noted deviation regarding the roles of chairman and chief executive being held by the same individual[37]. - The Audit Committee and the Board are satisfied with the appropriateness and effectiveness of the Group's risk management and internal control systems, with no significant control weaknesses identified[37]. - The Group's corporate governance practices align with those set out in the Corporate Governance Report of the Company's Annual Report 2020[37]. Discontinued Operations and Financial Reporting - The Group has ceased the operation of the securities and futures broking business, with results presented as "discontinued operation" in the consolidated statement of profit or loss[59]. - The comparative figures in the consolidated statement of profit or loss and comprehensive income have been restated to reflect the discontinued operation[60]. - The Group's financial position and performance were not impacted by the amendments related to interest rate benchmark reform, as no interest rates were replaced by risk-free rates during the period[62]. Employee and Management Compensation - The total number of employees as of June 30, 2021, was 10,246, with total staff costs amounting to HK$823 million for the six months ended June 30, 2021[36]. - Total emoluments paid and payable to key management personnel during the period were HK$24,388,000, up from HK$23,259,000 in the previous year, reflecting an increase of 4.9%[119]. Shareholder Information - The total interests of directors in shares as of June 30, 2021, amounted to 136,271,595 shares, representing approximately 20.12% of the issued share capital[139]. - The company declared an interim dividend of HK14.0 cents per ordinary share for 2021, an increase from HK5.0 cents in 2020[89]. - The total dividends recognized as distribution during the period amounted to HK$284,522,000, compared to HK$169,359,000 in 2020[89].