Financial Performance - For the year ending December 31, 2024, the company reported total revenue of HKD 938,315,000, a decrease of approximately 6.9% from HKD 1,007,801,000 in 2023[4] - The gross profit for the year was HKD 420,775,000, down 10.0% from HKD 467,805,000 in the previous year[4] - The company incurred a net loss of HKD 85,077,000 for 2024, compared to a net loss of HKD 19,794,000 in 2023, representing a significant increase in losses[4] - The company reported a net loss before tax of HKD 80,922,000 for 2024, compared to a net loss of HKD 18,244,000 in 2023, indicating a worsening of financial performance[22][28] - The net loss for the group in 2024 was 85.1 million HKD, compared to a net loss of 19.8 million HKD in 2023[48] - The company reported a basic loss per share of HKD (0.19) for 2024, compared to HKD (0.04) in 2023[30] Revenue Breakdown - The segment performance for Mainland China shows a revenue of HKD 389,711,000 for 2024, down from HKD 426,135,000 in 2023, indicating a decrease of about 8.6%[22][23] - The segment performance for Macau is expected to be HKD 467,204,000 in 2024, slightly down from HKD 481,569,000 in 2023, reflecting a decrease of approximately 3.0%[22][23] - The segment performance for Hong Kong and other regions is projected to be HKD 81,400,000 in 2024, down from HKD 100,097,000 in 2023, which is a decline of around 18.6%[22][23] - Revenue from Macau in 2024 was 467.2 million HKD, a decrease of 3.0% year-on-year, while same-store sales growth was negative at 26.9%[40] - Revenue from mainland China in 2024 was 389.7 million HKD, down 8.5% year-on-year, with a same-store sales growth rate of negative 15.2%[41] - Revenue from Hong Kong and Taiwan decreased by 18.7% year-on-year, with a total revenue of 81.4 million HKD in 2024[42] Assets and Liabilities - Total assets decreased from HKD 541,524,000 in 2023 to HKD 455,305,000 in 2024, indicating a reduction of approximately 15.9%[6] - Current liabilities decreased from HKD 535,574,000 in 2023 to HKD 419,160,000 in 2024, a reduction of about 21.8%[6] - The company's cash and cash equivalents dropped from HKD 73,298,000 in 2023 to HKD 46,225,000 in 2024, a decline of approximately 37.0%[6] - The company's equity attributable to owners decreased from HKD 228,813,000 in 2023 to HKD 149,148,000 in 2024, a decline of about 34.8%[7] - The company's non-current assets decreased from HKD 370,644,000 in 2023 to HKD 367,144,000 in 2024, a decrease of approximately 0.7%[6] - Trade receivables as of December 31, 2024, amounted to HKD 62.469 million, an increase from HKD 48.269 million in 2023[31] - Trade payables as of December 31, 2024, were HKD 115.804 million, down from HKD 135.565 million in 2023[32] Expenses - The total sales cost for 2024 is estimated at HKD 517,540,000, compared to HKD 539,996,000 in 2023, showing a reduction of about 4.1%[22][23] - The total selling and marketing expenses for 2024 are projected to be HKD 394,542,000, a slight decrease from HKD 391,404,000 in 2023, indicating an increase of approximately 0.6%[22][23] - The total employee costs for 2024 are estimated at HKD 182,699,000, down from HKD 201,828,000 in 2023, reflecting a decrease of about 9.5%[28] - Operating expenses increased to 394.5 million HKD in 2024, a rise of 0.8% year-on-year, primarily due to increased variable lease expenses[45] Corporate Governance and Structure - The company was established on May 16, 2019, in the Cayman Islands and operates as an investment holding company primarily engaged in retail and wholesale of international fashion brands in China, Macau, Hong Kong, and other regions[8] - The company's shares have been listed on the Hong Kong Stock Exchange since January 13, 2020[10] - The functional currency of the company is Hong Kong dollars, while its subsidiaries in mainland China use Renminbi[11] - The company has adopted several amendments to the International Financial Reporting Standards (IFRS) effective from January 1, 2024, which include changes to lease liabilities and classification of liabilities[12][13] - The amendments to IFRS are not expected to have a significant impact on the company's financial performance or position[16] - The company is currently evaluating the impact of the new IFRS 18, which will be effective from January 1, 2027, but does not anticipate significant effects on its financial statements[18] - The company has adhered to the corporate governance code and aims to maintain a balanced board composition with independent elements[72] - The audit committee has reviewed the accounting policies and financial reporting matters for the year ending December 31, 2024[73] Shareholder Information - Major shareholder Gold Star Fashion Limited holds 300,000,000 shares, representing a 75% equity stake in the company[68] - Ms. Zheng Qionglei, as the spouse of Mr. Fan, also holds 300,000,000 shares, equating to a 75% equity stake[68] - The board does not recommend the payment of any final dividend for the year ended December 31, 2024[34] - The company has not proposed any final dividend for the year ending December 31, 2024[65] Strategic Initiatives - The group implemented strict cost control measures to mitigate the impact of a challenging operating environment[37] - The company aims to enhance online sales, allocating 5.7% of the proceeds (HKD 8.0 million) for this purpose[59] - The company plans to allocate 50.3% of the proceeds (HKD 70.4 million) for the establishment of new retail stores[59] - The company has adjusted the timeline for utilizing unspent proceeds to December 31, 2025, to increase flexibility for future development[60] - The company is committed to enhancing competitiveness and shareholder value despite challenging market conditions[57] Employee Information - The company employed approximately 1,138 employees as of December 31, 2024, down from 1,174 in 2023[62]
尚晋国际控股(02528) - 2024 - 年度业绩