Financial Performance - Tristate Holdings Limited reported revenue of HKD 4,183,746,000 for 2024, a slight decrease of 0.75% from HKD 4,215,667,000 in 2023[9]. - The net profit attributable to equity shareholders was HKD 156,015,000, down 8.9% from HKD 171,232,000 in the previous year[9]. - The overall gross profit for the company was HKD 1.715 billion in 2024, down 4% from HKD 1.783 billion in 2023, with a gross margin of 41.0%[32]. - EBITDA for the company was HKD 580 million in 2024, a decrease of 4% from HKD 602 million in 2023[28]. - The company's cash flow from operations was HKD 410 million in 2024, down 31% from HKD 590 million in 2023[28]. - The group's net profit attributable to equity shareholders was HKD 156 million in 2024, down from HKD 171 million in 2023[22]. Business Segment Performance - The apparel business continued to show strong performance, benefiting from increased customer orders, leading to a robust revenue and profit contribution[9]. - Nautica's revenue decreased by 20% compared to the post-pandemic growth in 2023, prompting the brand to close underperforming stores[12]. - Spyder's revenue decreased by 10%, while Reebok's revenue fell by 19% in 2024 compared to the previous year[13]. - The group's brand business revenue was HKD 2.025 billion in 2024, a decrease of 11% from 2023, with net losses increasing[14]. - The apparel business generated revenue of HKD 2.158 billion, representing a 12% increase compared to 2023, contributing strong profits[15]. Operational Strategies - The company plans to further expand production capacity in Vietnam in 2025 to meet rising demand[9]. - The group plans to enhance brand awareness and expand customer base for C.P. Company despite a soft market outlook[16]. - The company aims to enhance brand awareness and expand customer base through marketing strategies and collaborations despite a soft market outlook[42]. - The company is focused on improving operational efficiency and controlling costs in response to challenges in the global economic environment[43]. Corporate Governance - The board of directors consists of eight members, including one executive director and four independent non-executive directors, ensuring a 50% independence ratio[59]. - The company has adhered to the Corporate Governance Code, with a deviation regarding the roles of the chairman and CEO being held by the same individual[54][57]. - The nomination committee evaluates the independence of non-executive directors annually, ensuring compliance with the listing rules[60]. - The board meets at least four times a year, with regular meetings scheduled quarterly[71]. Sustainability and Environmental Initiatives - The company aims to promote responsible production in the apparel industry, exceeding legal requirements to create long-term sustainable value for stakeholders[119]. - The company reported a commitment to sustainable development practices integrated across various operational areas, enhancing its business capabilities[119]. - The company emphasizes reducing carbon emissions and waste during production to promote sustainability[126]. - The company aims to reduce energy consumption density by 8%, water consumption density by 5%, and greenhouse gas emissions density by 9% by 2025, using 2021 as the baseline[140]. Employee and Community Engagement - The company emphasizes equal opportunities for both genders in recruitment, employee development, and promotion[68]. - The company invests in employee development through training programs covering industry knowledge and safety standards, continuously assessing learning needs[182]. - The company has established a confidential reporting policy to encourage employees to report unethical behavior, ensuring protection for whistleblowers[186]. - C.P. Company made donations to the Eleonora Cocchia Vivere a Colori ONLUS Association for cancer research and prevention efforts[189]. Risk Management and Compliance - The company has implemented a zero discharge of hazardous chemicals (ZDHC) wastewater guideline and conducts annual testing to ensure compliance with industry standards[168]. - The board monitors ESG-related risks and ensures strategies are effective and appropriate[131]. - The company has established mechanisms to ensure independent opinions are considered in board decisions, with independent directors actively participating in meetings[60]. - The company maintains a zero-tolerance policy towards corruption and fraud, adhering to applicable anti-corruption laws and providing clear guidelines for employees[185][187].
联亚集团(00458) - 2024 - 年度财报