Revenue Growth and Performance - YesStyle platform revenue increased by 44.3% to $158.7 million in 2023, driven by a 52.3% growth in sales orders[21] - European Union, Canada, and UK sales orders grew by 136.8%, 117.5%, and 77.2% respectively[22] - AsianBeautyWholesale revenue surged by 234.4% to $38.8 million, with customer numbers, order numbers, and average order value increasing by 90.1%, 143.4%, and 38.6% respectively[23] - Revenue generated from the company's self-operated online platform was $200.156 million, accounting for 99.4% of the total revenue for the year ended December 31, 2023[97] Beauty Product and Brand Partnerships - YesStyle partnered with 78 new K-Beauty brands and ended the year with 448 K-Beauty brand partnerships, up from 430 in 2022[24] - Beauty product revenue accounted for 80.6% of total revenue, up from 54.1% in the previous year[24] - The company reallocated part of the unused net proceeds originally allocated to improve logistics and warehouse efficiency to strengthen marketing efforts to promote beauty products, with a reallocation of HKD 8.9 million[72] Membership and Customer Engagement - YesStyle Elite Club membership grew to 11.6 million by the end of 2023, up from 8.3 million in 2022[30] - The number of YesStyle opinion leaders increased from approximately 279,000 in 2022 to around 333,000 in 2023, with a significant rise in TikTok opinion leaders from 44,000 to 72,000[98] Share Options and Equity - The company's share options plan had 18.4 million shares exercisable as of December 31, 2023, representing 4.63% of total issued shares[29] - The company granted a total of 223,500 share options during the reporting year, with 196,000 options remaining unexercised as of December 31, 2023[58] - The company's share option plan stipulates that 25% of all granted options will vest on the first anniversary of the vesting start date, and 6.25% will vest every three months thereafter[60][76] - PCCW e-Ventures holds 39,704,030 shares of the company, representing approximately 9.99% of the total issued shares as of December 31, 2023[110] Financial and Operational Management - The largest customer accounted for approximately 0.5% of the group's total revenue in the reporting year (2022: 0.4%), while the top five customers accounted for approximately 1.6% of the group's total revenue (2022: 1.3%)[67] - As of December 31, 2023, the company had utilized HKD 92.3 million of the net proceeds, with the remaining unused net proceeds expected to be fully utilized by March 31, 2024[73] - The company did not adopt any share award plans during the reporting year and up to the report date[64] - The company's board of directors has established a remuneration committee to review the remuneration policies and structures for directors and senior management based on the group's operating performance, individual performance, and market practices[75] Legal and Governance - The company has purchased directors' and officers' liability insurance to provide appropriate coverage for potential legal actions arising from corporate activities[66] - The company did not engage in any significant litigation or arbitration during the reporting year, and there are no pending or potential significant claims against the company[70] - The company's financial statements were audited by RSM Hong Kong, which will retire at the upcoming annual general meeting and is eligible and willing to be reappointed[71] - The company's audit committee and board of directors are responsible for governance and oversight[108] - The company's legal advisor is based in Hong Kong, and its share registrar is HSBC[107] Corporate Structure and Operations - The company operates the AsianBeautyWholesale platform, accessible at www.AsianBeautyWholesale.com[108] - The company's registered office and headquarters are located in Hong Kong[107] - The company's fiscal year for the reporting period ended on December 31, 2023[110] - The company's shares are listed on the Main Board of the Stock Exchange, excluding the GEM market[109] - The company's founders include Mr. Liu Guozhu and Ms. Zhu Liqiong, who are also executive directors and controlling shareholders[109] - The company's subsidiaries include YesAsia.com Japan Kabushiki Kaisha, which operates in the offline wholesale sector[110] Shareholder and Dividend Information - The company will hold its Annual General Meeting on June 21, 2024, and will suspend share registration from June 17 to June 21, 2024, to determine shareholders' rights to attend and vote[79] - The board has proposed a final dividend of HK$0.05 per share for the year ended December 31, 2023, payable to shareholders on the register as of July 4, 2024, subject to approval at the Annual General Meeting[80] - The company's IPO date was July 9, 2021, when its shares were first listed and began trading on the Main Board of the Stock Exchange[109]
喆丽控股(02209) - 2023 - 年度财报