Core Viewpoint - Crown City Watch and Jewelry Group Limited reported a significant decline in revenue and a substantial net loss for the fiscal year 2024, indicating severe challenges across its business segments [2][4]. Financial Performance - Total revenue for 2024 was HKD 1.336 billion, a decrease of 18% year-on-year [2]. - The company experienced a net loss of HKD 282 million, an increase of 545.8% compared to the previous year [4]. - The gross profit from non-banking operations plummeted by 50.4% to HKD 309 million [2]. Business Segment Analysis - The watch business saw a revenue decline of 26.9%, with local brand revenues halved and Rosini's revenue down by 21.3% [2][4]. - The property business revenue decreased by 6%, while the banking business had the smallest decline at 0.3% [2]. - The contribution from joint ventures shrank by 76% [4]. Financial Health - The asset-liability ratio reached 78.8%, an increase of 6.1 percentage points year-on-year [4]. - Short-term borrowings amounted to HKD 410 million, with a risk of default [4]. - Cash reserves stood at HKD 3.78 billion at the end of 2024 [4]. Operational Developments - The company is focusing on digital transformation, with e-commerce revenue rising to 30% and live sales increasing by 41% [5]. - The introduction of an AI customer service system aims to enhance online conversion rates [5]. - The light smart watch has entered mass production, expected to launch in Q2 2025 [5]. Global Expansion - The automation upgrade of the European production base has been completed, and a new center in North America is set to cover all 50 states by 2025 [5].
545.8%亏损增幅惊现！冠城钟表珠宝集团三大业务全线下滑