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尚晋国际控股(02528) - 2023 - 年度财报
FW FASHION INTFW FASHION INT(HK:02528)2024-04-22 08:54

Financial Performance - The company reported revenue of HKD 1,007.8 million for the year ended December 31, 2023, representing a 5.0% increase from HKD 959.9 million in 2022[6]. - The gross profit margin decreased to 46.4% in 2023 from 47.3% in 2022[6]. - The company incurred a net loss of HKD 19.8 million, an improvement from a loss of HKD 36.5 million in the previous year[6]. - Total revenue for 2023 reached HKD 1,007.8 million, a 5.0% increase from HKD 959.9 million in 2022[14]. - Gross profit for 2023 was HKD 467.8 million, a 3.0% increase, while the gross profit margin decreased to 46.4% from 47.3% in 2022[20]. - Other income surged by 478.6% to HKD 18.9 million, primarily due to government grants and supplier subsidies[22]. - The company reported a significant increase in distributable reserves, amounting to approximately HKD 734 million as of December 31, 2023, compared to HKD 236 million in 2022, reflecting a growth of 211%[170]. - The company did not declare a final dividend for the year ending December 31, 2023, maintaining the interim dividend at zero[159]. Retail Performance - Retail sales improved, with single-brand stores and multi-brand stores increasing by 2.5% and 44.3% respectively, while online sales experienced a significant decline of 79.2%[12]. - Retail sales from single-brand stores amounted to HKD 685.0 million, representing 68.0% of total revenue, with a year-on-year growth of 2.5%[14]. - Online sales significantly declined by 79.2%, dropping to HKD 24.2 million from HKD 116.4 million in 2022[14]. - The number of retail stores in mainland China decreased to 130, with a same-store sales decline of 5.3%[18]. - The average saleable area decreased from 34,582 square meters in 2022 to 31,772 square meters in 2023 due to the closure of underperforming stores in Taiwan[12]. Geographic Performance - Macau contributed significantly to revenue growth, with an increase of HKD 43.2 million, accounting for 90.1% of total revenue growth[10]. - Macau's revenue increased to HKD 481.6 million, a 9.9% rise, driven by a 394.9% increase in visitor numbers[17]. - Revenue from Hong Kong and Taiwan rose by 39.6%, with significant growth in Taiwan at 283.7%[19]. Business Strategy and Outlook - The company is diversifying its business by expanding into the food and beverage sector and children's entertainment, creating a unique concept that combines art and retail[6]. - The company anticipates a challenging 2024 due to high interest rates and geopolitical tensions affecting consumer sentiment[7]. - The company has implemented strict risk management strategies, including supply chain diversification and close monitoring of market trends[7]. - The company plans to enhance its retail store network, with 50.3% of the net proceeds allocated for this purpose, amounting to HKD 70.4 million[44]. - The group expects to complete the exploration of new brands by December 31, 2024, with an allocation of HKD 33.6 million, of which HKD 11.9 million has been utilized[44]. Employee and Cost Management - The total employee cost for 2023 was HKD 201.8 million, representing an 11.6% increase compared to HKD 180.9 million in 2022[47]. - The group employed approximately 1,174 employees as of December 31, 2023, an increase from 1,080 employees in 2022[47]. - The company has implemented strict cost control measures in response to a challenging retail environment[40]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange's Appendix C1 and has complied with its provisions for the year ending December 31, 2023[79]. - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring a strong independent element for effective judgment[85]. - The company has implemented a diversity policy for board members to enhance efficiency and performance, considering factors such as gender, skills, and professional experience[91]. - The company aims to maintain a balanced gender diversity on the board and has plans to identify and promote qualified female candidates for senior management and board positions[94]. - All independent non-executive directors have confirmed their independence according to the Stock Exchange's rules, and the board believes they meet the independence criteria[86]. - The company has established a code of conduct for securities trading, ensuring compliance with the trading regulations set forth in the Stock Exchange's Appendix C3[80]. - The board is responsible for overall strategy formulation and reviewing the group's operational and financial performance, with a focus on significant capital transactions and operational matters[85]. - The company emphasizes continuous professional development for all directors to ensure their contributions remain robust and informed[89]. - The company has established four committees, including the Audit Committee, Remuneration Committee, Nomination Committee, and an Environmental, Social, and Governance Committee, to oversee various aspects of its operations[105]. Risk Management - The company confirmed its responsibility for establishing, maintaining, and reviewing the effectiveness of the group's risk management and internal control systems[133]. - The group conducted an annual enterprise risk assessment to identify significant risks affecting its strategic objectives, prioritizing them based on likelihood and impact[137]. - The internal audit function operates independently from operational management and reports to the audit committee, identifying internal control deficiencies and suggesting improvements[138]. - As of December 31, 2023, the board, along with the audit committee, conducted a comprehensive review of the risk management and internal control systems, deeming them effective and adequate[139]. Shareholder Communication - The company adopted a revised shareholder communication policy to enhance investor relations and understanding of business performance and strategy[142]. - Shareholders can request the convening of a special general meeting if they hold at least 10% of the voting rights, with the meeting to be held within two months of the request[147]. - The company provides various communication channels for shareholders, including email notifications and access to company communications via its website[145]. - Shareholders can send written inquiries to the board at the specified address, ensuring their requests are formally signed and include contact details[150]. Sustainability and Ethics - The company is committed to promoting a culture of integrity and ethical behavior, which is integrated into various policies and employee training programs[123]. - The company has committed to environmental sustainability by implementing energy-saving measures and encouraging recycling practices[166]. - The Environmental, Social, and Governance (ESG) committee has approved a set of policies to manage key environmental issues and ensure compliance with relevant laws and regulations[121]. - The company has established an anti-corruption policy to uphold high standards of business integrity and ethics among its directors and employees[126]. - The company has implemented a whistleblowing policy to ensure transparency and accountability, with no significant fraud or misconduct reported during the review period[128].