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冠城钟表珠宝(00256) - 2023 - 中期业绩
CITYCHAMPCITYCHAMP(HK:00256)2023-08-30 14:48

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 810,244 thousand, a decrease of 5.5% compared to HKD 857,771 thousand in the same period of 2022[2]. - The net profit for the period was HKD 26,237 thousand, a significant recovery from a loss of HKD 54,650 thousand in the previous year[3]. - The basic earnings per share for the period was HKD 0.46, compared to a loss per share of HKD 1.20 in the previous year[3]. - Other comprehensive income for the period was reported at HKD (16,770) thousand, a significant improvement from HKD (171,259) thousand in the same period of 2022[3]. - The group reported a profit of HKD 26,237,000 for the period, with a breakdown of profits from various segments including HKD 8,085,000 from watch and clock products[11]. - The group’s total profit before tax was HKD 37,371,000, with a tax expense yet to be detailed[11]. - The company reported a net profit of HKD 51,972,000 for the six months ending June 30, 2023, a substantial increase of 359% compared to HKD 11,323,000 in the previous year[72]. Revenue Breakdown - Non-banking and financial business sales revenue decreased to HKD 558,885 thousand from HKD 685,987 thousand, reflecting a decline of 18.5%[2]. - The group’s banking and financial business generated a total income of HKD 240,095,000, with trading income contributing HKD 16,160,000[11]. - Revenue from the subsidiary Zhuhai Rossini Watch Industry Co., Ltd. was HKD 157,638,000, a decrease of 35.1% from HKD 243,035,000 in the previous year[56]. - E-commerce sales decreased by approximately 37.9% to HKD 53,886,000 from HKD 86,718,000 in the same period last year[59]. - For the six months ended June 30, 2023, the revenue of EBO Group was HKD 113,029,000, a decrease of HKD 39,584,000 or 25.9% compared to HKD 152,613,000 in the same period last year[61]. - The overall revenue for Kunlun, Qinianhua, and The Dreyfuss Group Limited was HKD 106,983,000, down from HKD 129,928,000 in the previous year, with a net loss of HKD 7,953,000[67]. Assets and Liabilities - Total assets decreased to HKD 15,817,407 thousand from HKD 16,157,243 thousand, indicating a reduction of approximately 2.1%[4]. - Total liabilities were reported at HKD 11,624,759 thousand, down from HKD 11,978,382 thousand, showing a decrease of 3%[6]. - The company's cash and deposits as of June 30, 2023, were HKD 705,647 thousand, a substantial decrease from HKD 4,314,638 thousand at the end of 2022[4]. - Accounts receivable as of June 30, 2023, amounted to HKD 402,094,000, up from HKD 336,640,000 as of December 31, 2022, indicating an increase of about 19.4%[34]. - Inventory as of June 30, 2023, totaled HKD 1,792,187,000, a decrease from HKD 1,935,923,000 as of December 31, 2022, reflecting a decline of approximately 7.4%[36]. - The total amount of listed debt instruments at amortized cost was HKD 2,172,514,000 as of June 30, 2023, compared to HKD 1,571,725,000 as of December 31, 2022, representing an increase of approximately 38.3%[35]. Acquisition Details - The group completed the acquisition of 100% equity in Jinxi Industrial Co., Ltd. for HKD 108,456,000 in April 2023, making it a subsidiary[8]. - The acquisition payment will be made in installments, consisting of 38,461,538 shares and HKD 40,000,000 in cash, with adjustments based on profit guarantees[46]. - The profit guarantee stipulates that Jinxi Group must achieve a net profit of no less than HKD 30,000,000 for the fiscal years ending December 31, 2023, 2024, and 2025[46]. - The goodwill generated from the acquisition amounts to HKD 42,178,000, attributed to expected synergies and potential growth in the smartwatch business[50]. - The net cash inflow from the acquired subsidiary is approximately HKD 21,203,000, with a net profit contribution of about HKD 5,257,000 since the acquisition date[51]. Operational Highlights - The company has not reported any significant changes in business operations aside from the acquisition mentioned[8]. - The company remains optimistic about the second half of 2023, expecting a gradual rebound in the watch business in Hong Kong and mainland China despite ongoing economic challenges[106]. - Consumer confidence is expected to improve due to the Chinese government's stimulus policies, which will likely reflect in retail growth in Q3 2023[107]. - The company plans to enhance its performance by focusing on high-end watch production and rebuilding its global reputation and brand awareness[68]. - The company aims to maintain sustainable long-term development capabilities across diverse businesses[52]. Financial Management and Governance - The audit committee has reviewed the unaudited financial statements for the six months ended June 30, 2023, and discussed internal controls and financial reporting matters with management[114]. - The compensation committee is responsible for establishing transparent procedures for determining the remuneration of all directors and senior management[115]. - The risk management committee is responsible for assessing and determining the risk levels the group is willing to undertake to achieve strategic goals[117]. - The nomination committee is tasked with reviewing the structure, size, and diversity of the board, including gender, age, and cultural background[116]. - The financial performance and strategic initiatives reflect the collective efforts of the board and management team[119].