英皇钟表珠宝(00887) - 2023 - 年度财报

Customer and Supplier Dynamics - The Group's sales to its five largest customers accounted for approximately 1.5% of total turnover in the Year, down from 2.6% in 2022[9] - The Group's five largest suppliers contributed approximately 86.8% of total purchases during the Year, a decrease from 93.2% in 2022[9] Market Expansion and Strategy - The Group plans to continue expanding its market presence in Hong Kong and mainland China, leveraging its brand reputation[39] - The Group anticipates benefiting from domestic consumption trends in China as the RMB continues to fluctuate[39] - Economists have lowered global growth forecasts, but the Group aims to leverage its brand reputation in China to expand in Hong Kong and mainland China markets[65] - The Group's strategy includes analyzing user data and internet behavior to formulate effective product strategies[63] - The Group aims to strengthen its brand presence through various online platforms in response to changing consumer behaviors due to the pandemic[173] Financial Performance and Position - The Group's financial performance analysis is detailed in the Five-year Financial Summary on page 152 of the annual report[2] - As of December 31, 2023, the Group's bank balances and cash on hand amounted to HK$619.6 million, a decrease from HK$664.4 million in 2022, with no bank borrowings reported[42] - The Group maintained a net cash position with a net gearing ratio of zero, consistent with the previous year[42] - The Group has unutilised banking facilities of approximately HK$1,043.6 million available[42] - As of December 31, 2023, the Group's current assets were approximately HK$3,859.1 million, an increase from HK$3,505.9 million in 2022, while current liabilities rose to HK$531.1 million from HK$433.5 million[183] - The current ratio decreased to 7.3 in 2023 from 8.1 in 2022, and the quick ratio fell to 1.5 from 1.9[183] Corporate Governance and Compliance - The Group has complied with relevant laws and regulations, as discussed in the 2023 Environmental, Social and Governance Report[2] - The independent auditor issued an unqualified conclusion regarding the Group's non-exempt connected transactions[38] - The company maintains a sufficient public float of at least 25% as required by listing rules[72] - The company has fully complied with all code provisions of the Corporate Governance Code during the year[93] - The Board consists of seven Directors, including four Executive Directors and three Independent Non-Executive Directors (INEDs)[81] - The company has adopted a Board Diversity Policy to ensure a balanced composition of skills and perspectives[104] - The Company aims to maintain a high level of corporate governance to ensure accountability and transparency for shareholders and stakeholders[118] - The Board has established mechanisms to ensure effective governance, which were reviewed and deemed effective during the year[129] Employee and Management Structure - The Group's employee remuneration is determined based on individual performance and market pay levels, including various competitive benefits[67] - The Company has a total workforce comprising 69% female and 31% male, with senior management including 70% female and 30% male[142] - The Board consists of 57% female directors, with a target of maintaining at least 25% female representation[158] - The Nomination Committee will continue to review the Board's composition to maintain diversity without proposing further enhancement targets at this time[112] - The management is responsible for shaping the corporate culture and strategic direction of the Group, focusing on employee engagement and compliance[97] - Independent Non-executive Directors (INEDs) have not served on the Board for more than 9 years, ensuring independence[124] Product Offerings and Collections - The "Auspicious Dragon and Phoenix" collection symbolizes harmony and includes various jewelry pieces, emphasizing craftsmanship and detail[86] - The "Spotlight" light luxury collection features 10 diamonds per piece, designed for both weddings and everyday wear[87] - The "CORE & ENCORE" collection draws inspiration from music and aims to resonate with current fashion trends, promoting casual luxury[88] - The Group's official website features a diverse range of luxury watch brands, including Patek Philippe, Rolex, Tudor, and Cartier, with plans for further collaborations[64] Market Conditions and Consumer Sentiment - The market faced disruptions in the second half of the year due to a global economic slowdown, with factors such as inflation and geopolitical tensions affecting consumer confidence[196] - Despite the challenges, consumption sentiment in the Hong Kong and Macau markets remained stable[196] - The total number of visitors to Hong Kong for the year was 34 million, approximately 61% of the 2019 levels, indicating a recovery in retail activities[195] - The Group's performance was positively impacted by the normalization of global outbound travel and the recovery of consumer demand in the first half of the year[195] Dividends and Financial Announcements - The final dividend declared is HK$0.56 per share, with the payment date set for June 20, 2024[189] - The annual results announcement was made on March 19, 2024, detailing the audited consolidated results for the year ended December 31, 2023[190] Strategic Initiatives - The Group has established a jewellery presence on multiple online shopping platforms, including HKTV Mall, Tmall, and jd.com, to enhance customer experience and expand revenue sources[63] - The Group launched multiple jewelry promotional events during the year to showcase products and enhance sales opportunities[174] - The Group plans to seek collaboration opportunities with other watch brands to expand its offerings[175] - The Company has implemented new strategies to navigate the volatile economic environment and maintain stable operations[196]