Annual report and environmental, social and governance report 2025

(incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司)

(Stock Code 股份代號 : 00738)

Annual Report年

報

2 025

CONTENTS

FINANCIAL HIGHLIGHTS

財務摘要

FINANCIAL HIGHLIGHTS

財務摘要

Revenue

收益

Consolidated (Loss)/Profit Attributable to Owners of the Company

本公司權益持有人應佔綜合(虧損)/溢利

RMB million 人民幣百萬元

600

500

400

300

200

100

0

2020/21 2021/22 2022/23 2023/24 2024/25

RMB million 人民幣百萬元

120

100

80

60

40

20

0

-20

-40

-60

-80

-100

-120

2020/21 2021/22 2022/23 2023/24 2024/25

annual report 2025 年報 2025 3

CORPORATE INFORMATION

公司資料

EXECUTIVE DIRECTORS

Chui Kwan Ho, Jacky

(resigned with effect from 7 October 2024)

Li Wing Yeung, Peter Liu Tsz Yan

(resigned with effect from 13 September 2024)

NON-EXECUTIVE DIRECTOR

James Ngai (Chairman)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Lam Siu Lun, Simon Leung Wai Ki, George Hui Chi Kwan

Chan Kit Yin

AUDIT COMMITTEE

Lam Siu Lun, Simon (Chairman)

Leung Wai Ki, George Hui Chi Kwan

Chan Kit Yin

REMUNERATION COMMITTEE

Lam Siu Lun, Simon (Chairman)

Leung Wai Ki, George Hui Chi Kwan

Chan Kit Yin James Ngai

NOMINATION COMMITTEE

Hui Chi Kwan (Chairman)

Lam Siu Lun, Simon Leung Wai Ki, George Chan Kit Yin

James Ngai

COMPANY SECRETARY

Chan Tsz Lok

徐群好

（自二零二四年十月七日起辭任）

李永揚廖芷茵

（自二零二四年九月十三日起辭任）

倪雅各（主席）

林兆麟梁偉基許次鈞陳潔燕

審核委員會林兆麟（主席）梁偉基

許次鈞陳潔燕

薪酬委員會林兆麟（主席）梁偉基

許次鈞陳潔燕倪雅各

提名委員會許次鈞（主席）林兆麟

梁偉基陳潔燕倪雅各

陳子樂

annual report 2025 年報 2025 5

公司資料

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited China Construction Bank (Asia) Corporation Limited

AUDITOR

PricewaterhouseCoopers

Certified Public Accountants and Registered PIE Auditor 22nd Floor, Prince's Building

Central, Hong Kong

LEGAL ADVISER

Wilkinson & Grist

11/F, Great Eagle Centre

23 Harbour Road, Hong Kong

REGISTERED OFFICE

Clarendon House 2 Church Street

Hamilton HM 11 Bermuda

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Suite 1106, 11th Floor 1063 King's Road Quarry Bay, Hong Kong

(effective from 1 July 2024)

PRINCIPAL SHARE REGISTRAR

Conyers Corporate Services (Bermuda) Limited Clarendon House

2 Church Street

Hamilton HM 11 Bermuda

6 le saunda holdings ltd. 萊爾斯丹控股有限公司

香港上海滙豐銀行有限公司

中國建設銀行（亞洲）股份有限公司

羅兵咸永道會計師事務所

執業會計師及註冊公眾利益實體核數師香港中環

太子大廈22樓

高露雲律師行 香港港灣道23號鷹君中心11字樓

Clarendon House 2 Church Street

Hamilton HM 11 Bermuda

香港鰂魚涌 英皇道1063號 11樓1106室

（自二零二四年七月一日起生效）

Conyers Corporate Services (Bermuda) Limited Clarendon House

2 Church Street

Hamilton HM 11 Bermuda

公司資料

HONG KONG BRANCH SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited Units 1712-1716, 17th Floor

Hopewell Centre

183 Queen's Road East Wan Chai, Hong Kong

LISTING INFORMATION

Listing: The Stock Exchange of Hong Kong Limited Stock Code: 00738

Board Size: 2,000 Shares

INVESTOR RELATIONS

Email address: ir@lesaunda.com.hk

WEBSITE ADDRESS

https://http://www.lesaunda.com.hk

香港中央證券登記有限公司香港灣仔

皇后大道東183號合和中心

17樓1712-1716室

上市：香港聯合交易所有限公司股份代號：00738

每手買賣單位：2,000股

電郵地址：ir@ lesaunda.com.hk

https://http://www.lesaunda.com.hk

annual report 2025 年報 2025 7

SHAREHOLDER INFORMATION

股東資料

FINANCIAL CALENDAR 財務行事曆

2024/25 Interim Results Announcement 28 October 2024

二零二四╱二五年中期業績公佈 二零二四年十月二十八日

2024/25 Annual Results Announcement 26 May 2025

二零二四╱二五年全年業績公佈 二零二五年五月二十六日

Closure of Register of Members for Annual General Meeting (both days inclusive)

9-14 July 2025

暫停辦理股份過戶登記手續（以出席股東周年大會（）包括首尾兩日） 二零二五年七月九日至十四日

Annual General Meeting 14 July 2025

股東周年大會 二零二五年七月十四日

SHAREHOLDER SERVICES

For enquires about share transfer and registration, please contact the Company's branch share registrar in Hong Kong:

Computershare Hong Kong Investor Services Limited Units 1712-1716, 17th Floor

Hopewell Centre

183 Queen's Road East Wan Chai, Hong Kong

Telephone: (852) 2862 8555

Facsimile: (852) 2865 0990

Holders of the Company's ordinary shares should notify the above registrar promptly of any change of their address.

任何有關股份過戶及登記之查詢， 請聯 絡本公司之香港股份登記分處:

香港中央證券登記有限公司香港灣仔

皇后大道東183號合和中心

17樓1712-1716室

電話：(852) 2862 8555

傳真：(852) 2865 0990

持有本公司普通股之人士，若更改地址，請儘快通知上述登記處。

8 le saunda holdings ltd. 萊爾斯丹控股有限公司

股東資料

INVESTOR RELATIONS

For enquiries relating to investor relations, please email to ir@lesaunda.com.hk or write to the Company at:

Le Saunda Holdings Limited Suite 1106, 11th Floor

1063 King's Road Quarry Bay, Hong Kong

Telephone: (852) 3678 3200

Facsimile: (852) 2554 9304

任何有關投資者關係之查詢， 請電郵至 ir@lesaunda.com.hk，或致函與本公司聯絡，地址如下:

萊爾斯丹控股有限公司香港鰂魚涌

英皇道1063號

11樓1106室

電話：(852) 3678 3200

傳真：(852) 2554 9304

annual report 2025 年報 2025 9

KEY MILESTONES

重要大事紀

MAR 三月/ 2024

The Group was continuously honored to obtain the "15 Year Plus Caring Company Logo" and the certificate awarded by The Hong Kong Council of Social Service, in recognition of the Group's active contributions in the three major areas of "Caring for the Community", "Caring for Employees" and "Caring for the Environment".

Cert no.: C01475

本集團繼續榮獲由香港社會服務業聯會頒發的「15年 Plus商界展關懷標誌」及獎狀，以表揚本集團積極貢獻於「關懷社區」、「關懷員工」及「關懷環境」三大範疇。

MAY 五月/ 2024

Group was consecutively appointed as the executive director unit of the Guangdong Electronic Commerce Association.

本集團獲續任為廣東省電子商務協會之常務理事單位。

JUL 七月/ 2024

The Group has collaborated with a famous illustrator, Mr. Jude Chan, to conduct cross-border joint promotions, combining Chinese natural landscape elements with fashion trends and applying to the current season's windows and booths so as to strengthen customers' visual perception and enhance brand appeal.

本集團攜手知名插畫藝術家程鵬先生進行跨界聯名宣傳，結合中國自然山水元素與時尚風潮，並且應用到本季櫥窗及展台上，以加強品牌的視覺感觀效果及增進品牌感染力。

10 le saunda holdings ltd. 萊爾斯丹控股有限公司

Presented to敬呈

in recognition of its positive contribution in the areas of

"Caring for the Community" , "Caring for the Employees" ＆ "Caring for the Environment"

以嘉許其於「關懷社區」、「關懷員⼯」及「關懷環境」三⼤範疇中的積極實踐

Bernard Chan Chairperson

The Hong Kong Council of Social Service

香港社會服務聯會主席 陳智思

Chua Hoi Wai Chief Executive

The Hong Kong Council of Social Service

香港社會服務聯會⾏政總裁 蔡海偉

Valid from 1 March 2024 to 28 February 2025

於2024年3⽉1⽇⾄2025年2⽉28⽇有效

Years of Award 頒授年份: 2006-2024

KEY MILESTONES

重要大事紀

JAN 一月/ 2025

The Group was awarded the "Top 100 Enterprises" by the Guangdong Electronic Commerce Industry Association in 2025. The award recognises sizable enterprises with outstanding social influence, high growth potential, and a strong sense of social responsibility in Guangdong province.

本集團於二零二五年榮獲由廣東省電子商務協會頒發「100強企業」殊榮。該獎項旨在嘉許廣東省內規模較大、社會影響力突出、具有良好發展潛力及較強社會責任感的企業。

FEB 二月/ 2025

The Group is committed to providing a pleasant working environment and enhancing employees' happiness at work. The Group had continued to be honoured as a "Happy Company" under "Happiness at Work Promotional Scheme 2025" for more than five consecutive years. The Group wishes for each employee to be happy in their work, to pursue their passions and to be fulfilled in it!

本集團致力提供一個愉快的工作環境， 提升員工的工作快樂水平。本集團在「開心工作 間推廣計劃2025」已連續超過五年獲嘉許為「開心企業」。本集團期望每一位員工在工作中快樂、追求熱情、以及獲得成就感！

annual report 2025 年報 2025 11

CHAIRMAN'S STATEMENT

主席報告書

Dear Shareholders,

On behalf of the board of directors (the "Board"), I am pleased to present the annual report on the results of Le Saunda Holdings Limited ("Le Saunda" or the "Company") and its subsidiaries (collectively the "Group") for the financial year ended 28 February 2025 (the "year under review").

The global economy has undergone rapid changes over the past years, with the retail market facing challenges due to the continued uncertainty in the economic and trade climate that caused consumers to behave with increased cautions. Following the introduction of a series of policies to expand domestic demand and promote consumption in Mainland China, the overall consumer market achieved a steady growth, with increasing demand for service consumption and better sales growth in daily goods and household electronic appliances. However, based on the present the official statistics of Mainland China, there is no sign of recovery of the demand for garment and footwear, while the competition among the industry operators has been intensifying. On the other hand, consumers place more emphasis on product value and functionality, and demand better shopping experience. As such, for the year under review, the Group invested more resources in product quality and design, in order to provide higher quality, more comfortable products as well as better sales services to customers, thereby enhancing the brand's resilience to external unstable business environment, uplifting the brand's market share, and achieving sustainable development of its business.

致各股東：

本人謹代表董事會（「董 事會」）欣 然提呈萊爾斯丹控股有限公司（「萊爾斯丹」或「本公司」）及 其附屬公司（「本集團」）截至二零二五年二月二十八日止的財政年度（「回顧年度」）之業績報告。

全球經濟在過去一年不斷發生急速變化，持續不穩定的經貿氣氛令消費行為變得越來越審慎，導致零售市場充滿著挑戰。隨著中國內地一系列的擴內需促消費政策出台，整體消費市場實現平穩增長，服務消費需求不斷增加，日常生活類和家電類商品銷售增勢較好。但是，按目前中國內地官方統計數字反映， 服裝鞋履的需求卻仍未顯示復甦的跡象， 同業內卷的情況亦日益嚴重。另一方面，消費者趨向重視產品價值及其功能性， 並且追求購物體驗。因此，本集團於回顧年度，投放更多資源在產品質量及設計，為客戶提供更高質、更舒適的產品與及更優質的銷售服務， 以增強品牌面對外部不穩定的營商環境之韌性， 提升品牌在市場上的份額，實現業務的可持續發展。

annual report 2025 年報 2025 13

BUSINESS REVIEW

This has been a challenging year with twists and turns. Apar t f rom ex ternal economic impact, the Group also underwent optimisation of internal structure and adjustment of market strategies to cope with the sluggish external environment. During the year under review, the Group actively allocated reasonable resources to its online and offline sales channels and evaluated whether the sales coverage of each channel was suitable, facilitating the Group to reach the target customer base in a more effective manner so as to seize the business development opportunities. The Group also further improved its warehousing management and streamlined its corporate structure to accelerate the operation process, which further enhanced its operational performance. Meanwhile, through short-term initiatives for the clearance of slow-moving stocks, the overstocking of off-season products has been substantially reduced which in turn increased the quick ratio and further strengthened the cash flow position. Although the above strategies have adversely impacted the results of the year under review, they lay down a solid foundation for the enhancement of its brand value in long term.

業務回顧

本年是充滿挑戰及轉折的一年，除了外圍經濟影響外，本集團也經歷了內部組織架構優化和市場策略調整，以應對低迷的外部環境。於回顧年度，本集團積極配置合理資源於線上線下分銷渠道， 衡量各渠道之銷售覆蓋範圍是否處於合適的位置，有助本集團更有效地接觸目標客戶群， 以至捉緊業務發展機會。本集團亦進一步完善倉存管理及精簡公司架構，加快作業流程的速度， 令營運效益得到再提升。同時，透過短期促銷慢流的貨品，大幅減少過季貨品之積壓， 提升速動比率及使現金流更加穩健。 儘管以上策略對回顧年度內的業績有較大負面影響，但長遠對品牌價值提升奠定了扎實的基礎。

14 le saunda holdings ltd. 萊爾斯丹控股有限公司

BUSINESS REVIEW (CONTINUED)

The Group focuses on developing fashionable together with comfortable products, aiming to attract young trendsetters with its product design, instead of simply engaging in a price war with other operators within the industry. The Group is also committed to reviewing the quality of products supplied by manufacturers and ensuring that they are of high standard, and to maintaining the reputation as a premium brand and raising its brand value. In addition, this year marks the 48th anniversary of its brand, the Group has therefore upgraded its products, operation logo and their colours, as well as packaging designs since the beginning of 2025, with the aim to strengthen its image of light luxury fashion and vibrancy. The Group has also collaborated with a famous illustrator in a crossover campaign and decorated its stores with the illustrator's artistic works, infusing a mixture of light luxurious and artistic vibe into its stores, with a view to embedding new Chinese fashion elements into its brand and demonstrating its brand's theme of everlasting and unique craftsmanship.

To have more in-depth interactions with its customers and understand their consumption pat ter ns and personalised demands, the Group has launched a brand-new membership CRM system. This has comprehensively enhanced its membership operation and consolidated offline and online VIP membership information, with its in-store salespeople providing professional opinions that align with the customers' personalised demands, and its customers can experience the kind and professional services. The Group believes that such premium shopping experience would enhance their loyalty to its brand. Furthermore, the Group promote its brand through emerging social platforms, increase private traffic and strengthen its presence on social media e-commerce platforms, in order to secure the market shares of its e-commerce business.

業務回顧（續）

本集團專注開發時尚、舒適並重的產品，務求產品設計能夠吸引年輕潮流群體的目光，而非單單是在價格上與同業競爭。本集團亦致力審視及確保生產商所供應的產品質量已達到高標準，以維持優質品牌之聲譽及提高品牌價值。此外， 乘著今年是品牌成立48周年，本集團自二零二五年初升級了產品、營運標誌及其顏色、以及包裝設計， 務求強化輕奢時尚與活力形象。本集團亦攜手著名插畫藝術家合辦跨界聯名， 將其藝術作品佈置在店舖內，為店舖添上輕奢與藝術融合的氛圍，藉此為品牌注入新中式時尚元素， 帶出品牌歷久常新、獨具匠心的意蘊。

為更深層次與客戶互動及了解其消費模式及個性化的需要，本集團已啟動全新會員CRM系統。全方位提升會員運營模式，打通線上線下VIP 會員資料， 配合門店銷售員為客戶提供個性化的專業意見， 讓顧客感受到親切而專業之服務。本集團相信透過此優質的購物體驗能增加他們對品牌的忠誠度。此外，本集團通過新興社交平台，為品牌推廣，提增私域流量及強化與社交電商的佈局， 來鞏固電商業務的市場份額。

annual report 2025 年報 2025 15

SUSTAINABLE CORPORATE STRATEGIES

In summary, the year under review was more challenging than anticipated. The dampening economic activities and sluggish retail industry will still pose uncertainties and challenges to the retail environment in the coming years. To cope with these prolonged economic challenges and complex business environment, the Group has, therefore, reformulated its sustainable corporate strategies by constantly reviewing its ongoing business strategies and repositioning its competitive advantages, with an aim of achieving our vision and purpose as well as seeking for a more satisfactory and sustainable financial performance and shareholders' return.

The Group has, with the consideration of the corporate culture that evolves with its core values and factors such as the Board's view, stakeholders' analysis and development trends, formulated four main sustainable corporate strategies, namely, green growth philosophy, te c hn ol o g y d eve l o p me nt, i n n ovati ve o p e r ati on a l management and staff development.

For the details of Group's corporate strategies, please refer to Corporate Governance Report on pages 41 to 74 of this report.

持續企業策略

綜合而言， 於回顧年度比預期更具挑戰性。經濟活動疲弱及零售業低迷仍為未來數年的零售環境帶來不明朗因素及挑戰。為應對這些長期的經濟挑戰和複雜的商業環境， 因此本集團透過不斷審視其持續的業務略策和重新定位其競爭優勢來加強其可持續的企業戰略， 以實現我們的願景和目標，並尋求一個更令人滿意和可持續的財務業績和股東回報。

本集團以核心價值演變的企業文化配合董事會觀點， 持份者分析及發展趨勢的策略制定因素， 制定出四項主要持續企 業策略，為綠色增長理念，科技發展，創新營運管理，員工發展。

有關本集團詳細的企業策略， 請參考41至74頁企業管治報告。

16 le saunda holdings ltd. 萊爾斯丹控股有限公司

ACKNOWLEDGEMENTS AND APPRECIATION

On behalf of the Board, I would like to express my deepest gratitude to the management team and all employees for their dedication and contribution in the past year, as well as to the shareholders and business partners for their continued support for and trust in the Group. In spite of the prevailing complex and volatile business environment, the Group will stay true to its original vision and strive to create more values for the brand and greater returns for its shareholders!

James Ngai

Chairman

Hong Kong, 26 May 2025

致意與感謝

在此，本人謹代表董事會，衷心感謝管理團隊及所有員工在過去一年的付出及貢獻，亦感謝股東及商業夥伴對本集團的持續支持及信任。面對複雜多變的營商環境，本集團堅守初心， 努力不懈地為品牌創造更高的價值，為股東創造更佳的回報！

主席

倪雅各

香港，二零二五年五月二十六日

annual report 2025 年報 2025 17

MANAGEMENT'S DISCUSSION AND ANALYSIS

FINANCIAL REVIEW

Operating Results

The Group is engaged in the design, development and retailing of ladies' and men's footwear, handbags and fashionable accessories in Mainland China. The major proprietary brands of the Group include LE SAUNDA, le saunda MEN and LINEA ROSA, which aim to appeal to diversified target customer groups with their distinctive product lines.

For the financial year 2024/25, total revenue of the Group decreased by 26.7% year-on-year to RMB294,100,000 (2023/24: RMB401,400,000). Consolidated gross profit decreased by 42.9% year-on-year to RMB143,200,000 (2023/24: RMB250,800,000), and an overall gross profit margin of 48.7% was recorded, representing a decrease of 13.8 percentage points as compared to the corresponding period in the previous financial year. For the financial year 2024/25, consolidated loss attributable to owners of the Company was RMB100,800,000 (2023/24: consolidated loss of RMB23,500,000).

財務回顧

經營業績

本集團在中國大陸從事設計、開發以及銷售男女裝鞋履、手袋及配飾等產品。旗下主要自營品牌包括LE SAUNDA、le saunda MEN、LINEA ROSA，以不同定位的產品，覆蓋廣闊的目標客戶群。

於二零二四╱二五財政年度，本集團總體 收 益 錄 得 同 比下 跌26.7% 至 人 民 幣 294,100,000元（二 零 二 三╱二 四 年：人民 幣401,400,000元）。 綜 合 毛 利 同 比 減少42.9% 至 人 民 幣143,200,000元（二 零二 三╱二四 年：人 民幣250,800,000元），整體毛利率較去年財政年度同期減少13.8個百分點至48.7%。於二零二四╱二五 財政年度，本公司權益持有人應佔綜合虧損為人民幣100,800,000元（二零二三╱二四年：綜合虧損人民幣23,500,000元）。

annual report 2025 年報 2025 19

FINANCIAL REVIEW (CONTINUED)

Operating Results (Continued)

Profitability Analysis

During the year under review, consumer confidence and demand for apparel and footwear continued to be weak. In order to cope with the sluggish retail market and to avoid overstocking of off-season products, on the one hand, the Group has further optimised its offline retail store network, and on the other hand, the Group has offered relatively high discounts to retail customers and wholesalers to clear up the slow-moving products. Hence, the total revenue of the Group decreased by 26.7% year-on-year to RMB294,100,000. Meanwhile, the Group recorded a gross profit of RMB143,200,000 (2023/24: RMB250,800,000), representing a year-on-year decrease of 42.9%. The gross profit margin decreased by 13.8 percentage points to 48.7%, as compared to last year.

The selling and distribution expenses decreased by 19.7% year- on-year to RMB164,500,000 (2023/24: RMB204,800,000) during the year under review. The Group focused on optimising its store network and reducing underperformed stores to save fixed selling and distribution expenses. Nonetheless, the Group has incurred one-off employee compensation expenses for staff redundancy of frontline employees as a result of store optimisation. Accordingly, the ratio of selling and distribution expenses to total revenue increased by 4.9 percentage points to 55.9% (2023/24: 51.0%).

20 le saunda holdings ltd. 萊爾斯丹控股有限公司

財務回顧（續）經營業績（續）

盈利狀況分析

於回顧年度，消費者信心及服裝鞋履需求持續低迷。為了應對疲弱的零售市場及避免過季貨品大量積壓，本集團一方面進一步優化線下零售店舖網絡；及 另一方面，本集團給予較大的折扣給零售顧 客及 批 發 商， 以 清 減 慢 流 貨 品。 因此， 本集團總體收 益同比下跌26.7% 至人 民幣294,100,000元。 同時， 本集團錄得全年毛利額同比下跌42.9% 至人民幣 143,200,000元（二零二 三╱二四年：人民幣250,800,000元）。毛 利率同比減少13.8個百分點至48.7%。

於回顧年度， 銷售及分銷開支同比下跌 19.7%至人民幣164,500,000元（二零二三╱二四年：人民幣204,800,000元）。本集團著力優化店舖網絡及減少低效店舖，以節省固定的銷售及分銷開支。然而，優化店舖而裁減前線員工，需要支付一次性僱員賠償費用。故此，銷售及分銷開支佔總收益的佔比增加4.9個百分點至55.9%（二零二三╱二四年：51.0%）。

FINANCIAL REVIEW (CONTINUED)

Profitability Analysis (Continued)

The Group streamlined its back-office structure during the year under review, including unification of warehousing function and optimisation of regional office and its headcount, to improve its operational efficiency. Although the Group has paid one-off employee compensation expenses for the optimisation of staff from back-office, the overall general and administrative expenses were reduced. The Group's recorded general and administrative expenses during the year under review decreased by 2.5% to RMB81,900,000 as compared to the corresponding period of last year (2023/24: RMB84,000,000). However, as a result of the significant decline in total revenue this year, the ratio of general and administrative expenses to total revenue increased by 6.9 percentage points to 27.8%. (2023/24: 20.9%).

Other income comprised of property rental income of RMB1,900,000 and local government subsidies of RMB700,000. Other income increased by 14.6% year-on-year to RMB2,600,000 (2023/24: RMB2,300,000).

During the year under review, other losses, net, were RMB 9,600,000 (2023 /24: gain of RMB 3, 200,000).

Among which, there was an impairment loss on the investment property of RMB9,200,000. Furthermore, the Group recorded exchange losses of RMB300,000 (2023/24: RMB2,500,000) because Renminbi continued to depreciate whereas the magnitude was lower than that of last year. Last year, the Group recorded an one-off gains on early termination of leases of RMB7,400,000 and the compensation expenses of RMB1,800,000 for early termination of such leases.

The consolidated loss attributable to owners of the Company amounted to RMB100,800,000 (2023/24: loss of RMB23,500,000). Basic losses per share amounted to RMB14.28 cents (2023/24: losses of RMB3.34 cents).

財務回顧（續） 盈利狀況分析（續）

本集團於回顧年度精簡後勤部門架構，包括統一倉存管理功能及優化地區辦公室及其員工人數， 以提升營運效率。雖然本集團優化後勤人員而支付一次性僱員賠償費用， 但是整體一般及行政開支得以減省。於回顧年度，本集團錄得一般及行政開支較去年下降2.5% 至人民幣 81,900,000元（二零二三╱二四年：人民幣

84,000,000元）。 不過， 由於本年銷售額顯著下跌， 導致該一般及行政開支對總收益的佔比上升6.9個百分點至27.8%（二零二三╱二四年：20.9%）。

其他 收 入包括 物業租金收 入 為人 民幣 1,900,000元，以及地方政府補貼為人民幣700,000元。 整 體 其他 收 入 同 比 上 升 14.6% 至人民幣2,600,000元（二零二 三╱二四年：人民幣2,300,000元）。

於 回 顧 年度， 其他 虧 損 淨 額 為人 民幣 9,600,000元（二零二 三╱二四年：收益人民幣3,200,000元）。其中， 投資物業減值虧損為人民幣9,200,000元。另外，本集團錄得匯兌虧損為人民幣300,000元（二零二 三╱二四 年：人 民幣2,500,000元）， 由於人民幣持續貶值， 不過其貶值幅度比上年度減少。本集團去年錄得一次性的提前終止租賃合約收益為人民幣7,400,000元及提前終止租賃合約之補償為人民幣 1,800,000元。

本公司權益持有人應佔綜合虧損為人民幣100,800,000元（二 零二三╱二四年：虧損人民幣23,500,000元）。 每股基本虧損為人民幣14.28分（二零二 三╱二四年：虧損人民幣3.34分）。

annual report 2025 年報 2025 21

FINANCIAL REVIEW (CONTINUED)

Income Tax

During the year under review, income tax expenses amounted to approximately RMB2,500,000 (2023/24: RMB2,900,000). The income ta x expenses mainly included the deferred tax expenses made for the reversal of provision items. Since 2012, all business entities of the Group in Mainland China are subject to an income tax rate of 25% while the profit tax rate for operations in Hong Kong remains at 16.5%. Pursuant to the Enterprise Income Tax Law of Mainland China, a withholding income tax of 5% to 10% shall be levied on the dividends remitted by a Chinese subsidiary to its foreign parent company starting from 1 January 2008.

Inventory Management

As at 28 February 2025, the Group's inventory balance, net of provision for impairment, was RMB76,100,000, representing an decrease of 53.7% as compared to that of last year.

Details of inventory balance were as follows:

財務回顧（續）所得稅

於回顧年度，所得稅為約人民幣2,500,000元（二零二 三╱二四年：人民幣2,900,000元）。所得稅支出主要包括對回撥計提項目而作出的遞延所得稅項開支。於二零一二年起，本集團所有於中國內地經營的業務按照25%的稅率繳納所得稅，香港業務的所得稅稅率維持在16.5% 的水平。根據中國內地之企業所得稅法，由二零零八年一月一日起，中國內地附屬公司向境外母公司支付股息時須繳交5% 至10% 的預扣所得稅。

存貨管理

於二零二五年二月二十八日，本集團的存貨結餘扣除減值準備後的淨額為人民幣 76,100,000元，較去年下跌53.7%。

存貨結餘細節如下：

22 le saunda holdings ltd. 萊爾斯丹控股有限公司

FINANCIAL REVIEW (CONTINUED)

Inventory Management (Continued)

During the year under review, in response to the continuing sluggish retail environment, the Group executed a cautious approach in purchasing its current season products and enhanced its efforts in cleaning up its slow-moving products, which has, in turn, substantially reduced the inventory volume. The proportion of the inventory of footwear aged less than one year increased by 3.8 percentage points to 48.2% as at 28 February 2025 (29 February 2024: 44.4%) and inventory turnover of finished goods had therefore decreased by 141 days to 291 days (2024: 432 days).

Liquidity and Financial Resources

The Group's financial position remained very strong and healthy. As at 28 February 2025, the Group's cash and bank balances amounted to RMB327,900,000 (29 February 2024: RMB364,700,000), representing a decrease of 10.1% year-on-year. Even though being in a sluggish retail environment, the Group still maintains sufficient cash. If necessary, the Group can maintain sufficient working capital through banking facilities provided by its major banks in Hong Kong and Mainland China, including but not limited to revolving loans and trade finance, mainly at floating interest rates. At the end of the financial year, the quick ratio was 4.6 times (29 February 2024: 4.0 times). During the year under review, the Group had borrowed and repaid a bank loan of HK$10,000,000. As at 28 February 2025, the Group has no outstanding bank loan (29 February 2024: Nil). Forward contracts will be used, if necessary, to hedge related debts and bank borrowings arising from overseas purchases. In addition, the Group did not enter into any forward contracts to hedge its foreign exchange risks during the year under review.

During the year ended 28 February 2025, the Group's cash and bank balances were held in Hong Kong dollars, United States dollars and Renminbi, respectively and all deposits maturing within one year were placed in leading banks. With the Group's steady cash inflow from its operations, coupled with its existing cash and banking facilities, it has adequate financial resources to fund its future needs in development.

財務回顧（續）存貨管理（續）

於回顧年度，本集團為應對持續低迷的零售環境， 謹慎地採購當季貨品， 以及加大力度清減慢流貨品，以至大幅減少其庫存數量。於二零二五年二月二十八日，鞋履存貨賬齡少於一年的存貨佔年末結餘 的 佔比 增 加3.8個 百份 點 至48.2%（二零二四年二月二十九日：44.4%）及整體製成品存貨周轉期減少141天 至291天（二零二四年：432天）。

流動資金及財務資源

本集團財務狀況非常穩健。於二零二五年二月二十八日，本集團現金及銀行結餘為人民幣327,900,000元（二零二四年二月二十九日：人民幣364,700,000元），同比下跌10.1%。即使在低迷的零售環境之下，本集團仍然維持充裕的現金。如有需要，本集團可透過其在香港及中國內地的主要銀行提供的銀行融資為本集團提供足夠的營運資金， 包括但不限於循環貸款及貿易融資，主要以浮動利率計息。於財政年末日，速動比率為4.6倍（二零二四年二月二十九日：4.0倍）。於 回顧年度，本集團向銀行借入貸款港幣10,000,000元及已償還。於二零二五年二月二十八日，本集團沒有銀行貸款餘額（二零二四年二月二十九日：無）。如有需要，本集團將以遠期合同對沖因海外採購引起之相關債務 及銀行借貸。此外，本集團於回顧年度並無訂立任何遠期合同以對沖其匯兌風險。

截至二零二五年二月二十八日止期間，本集團之現金及銀行結餘以港元、美元及人民幣呈列， 並將一年內到期之存款存放於數間大銀行。基於本集團之穩定經營業務現金流入，加上手持現金及銀行融資，本集團擁有充裕的財務資源以應付未來發展的所需。

annual report 2025 年報 2025 23

BUSINESS REVIEW

Overview

Looking back at 2024, although inflation and interest rates of various countries have been declining gradually, their economies were still shrouded in gloom. Recovery progress of their economies is very vulnerable to the economic and trade policies implemented by other countries and the tense economic and trade relations among countries. In response to the volatile external environment, the Chinese government strived to improve its economic prowess under the principle of "making progress while maintaining stability" with initiatives, including the timely introduction of multiple consumption stimulus policies and the launch of new measures that support emerging technological industries, so as to stimulate domestic demand and enhance domestic productivity to support stable economic growth in Mainland China. Based on the data released by the National Bureau of Statistics of the People's Republic of China ("PRC"), the annual gross domestic product ("GDP") increased by 5% year-on-year in 2024, which was in line with the GDP growth target as set out in the "Report on the Work of the Government" published by the State Council of the PRC last year. However, at the Third Session of the 14th National People's Congress of the PRC, the State Council pointed out that this was not an easy achievement. The domestic economic environment has been constantly facing challenges to various degrees and issues such as deep-rooted structural problems, weak domestic demand and expected low consumer confidence still persisted in Mainland China.

業務回顧

概況

回顧二零二四年，雖然各國的通脹和利率逐漸下降，但是其經濟仍然充滿著陰霾。各國經濟復甦進程十分容易受到別國的經貿政策和國與國之間的緊張經貿關係而有所影響。為應對外部多變的環境，中國政府致力以穩中有進的基調來加強自身的經濟實力， 包括適時出台多項的消費優惠政策及推出支援新科技產業的新措施，從而刺激內需及提高國內生產力，以支持中國內地經濟平穩增長。根據中華人民共和國（「中國」）國家統計局資料顯示，二零二四年全年國內生產總值（「GDP」）同比增長5%，符合去年中國國務院發表的「政府工作報告」內之GDP 增長目標。然而， 中國國務院在十四屆全國人大三次會議上指出其成績來之不易。中國內地之經濟環境時刻都受到不同程度的挑戰，深層次結構性問題、內需仍顯疲軟、預期偏弱的消費者信心等問題依然交織疊加存在。

24 le saunda holdings ltd. 萊爾斯丹控股有限公司

BUSINESS REVIEW (CONTINUED)

Overview (Continued)

During the year under review, consumer confidence of the overall retail sector in China had yet to show any significant improvement. Consumers have become more and more cautious with their spending. When exposed to economic pressure or market changes, they would prefer relatively affordable products with better value for money and mostly purchase the products with relevant national subsidies. Currently, demand for footwear remains weak, resulting in continuous competition within industry. The Group has implemented a series of optimisation measures and reforms to strengthen its resilience against rapid changes of the external environment and improve its operational efficiency. Such measures include but are not limited to streamlining corporate structure, consolidating its logistics and supply chain, improving product quality, constantly optimising the layout of its physical stores and actively clearing off off-season products as well as enhancing visual image of its brand. However, since the retail market remained sluggish, the Group's total retail revenue for the year under review decreased by 26.7% to RMB294,100,000 as compared to that of last year (2023/24: RMB401,400,000) while same store sales year-on-year decreased by 20.1% (2023/24: increased by 11.7%).

Retail Network

Mainland China is currently the key market of the Group's retail business. As at the end of the year under review, the Group had a total of 153 physical stores in Mainland China. The number of self-owned stores dropped by 125 while the number of franchised stores decreased by 5 during the year under review.

As at 28 February 2025, there were 109 stores under the core brand LE SAUNDA, representing a net decrease of

93 stores as compared to the end of last financial year. The high-end fashion brand, LINEA ROSA, had a net reduction of 20 stores, bringing the total number of stores to 6, as compared to the end of last financial year.

業務回顧（續）概況（續）

於回顧年度， 中國整體零售行業的消費信心未見有明顯的改善。消費者採取越來越謹慎的消費態度。在面對經濟壓力或市場變化時， 他們都會選擇性價比更高而相對地親民的產品及主動購買有國家相關補貼的商品為多。目前鞋履需求仍顯不振， 導致行業持續出現內卷的情況。而本集團隨即執行一系列的優化改革措施，以增強對應外部環境急速變化之韌性及提升自身經營效率。該措施包括但不限於精簡公司架構、整合物流供應鏈、提升產品質素、持續優化實體店分佈及積極地進行清理過季貨品，亦同時進行升級品牌視覺形象。然而， 由於零售市場環境持續疲弱，本集團於回顧年度整體零售收益較去年下跌26.7% 至人民幣294,100,000元（二零二 三╱二四年：人 民 幣401,400,000元）， 全 年 同 店 銷 售錄得下跌20.1%（二零二三╱二四年：上升 11.7%）。

零售網絡分佈

本集團的零售業務目前以中國大陸為主。於回顧年度末日，本集團於中國大陸擁有 153家實體 店舖。於回顧年度，自營店淨減少125家，特許經營店舖淨減少5家。

於二零二五年二月二十八日，核心品牌LE SAUNDA 擁有109家店 舖， 較去年末淨減少93家店舖；高端時尚品牌LINEA ROSA店舖數目較去年末淨減少20家至6家。

annual report 2025 年報 2025 25

BUSINESS REVIEW (CONTINUED)

Retail Network (Continued)

As at 28 February 2025, the breakdown of the Group's offline retail network was as follows:

業務回顧（續） 零售網絡分佈（續）

於二零二五年二月二十八日，本集團的線下零售網絡分佈如下：

Number of Outlets by Region

按地區劃分的店舖數目

Self-owned (Year-on-year change)

自營

（按年變動）

Franchise (Year-on-year

change)

特許經營

（按年變動）

Total

(Year-on-year change)

總計

（按年變動）

Mainland China 中國大陸

Mainland China

Retail Business

In 2024, the total retail sales of consumer goods in the PRC amounted to RMB48.8 trillion, representing a year-on-year increase of 3.5%. This was mainly because in the second half of 2024, the National Development and Reform Commission of the PRC, with the active cooperation of relevant departments, had stepped up their effort in implementing policies in respect of the large-scale equipment upgrade and consumer goods trade-in, resulting in an accelerated growth in the sales of home appliances, automobiles and other products, which had played a significant role in driving the rebound of overall consumption in Mainland China. However, the retail sales of consumer goods in garments, footwear, hats and knitwear category in Mainland China only had a 0.3% growth in 2024. This demonstrated that the relevant policies in Mainland China did not benefit the consumer market of garments and footwear nor raised consumer confidence in this retail segment.

26 le saunda holdings ltd. 萊爾斯丹控股有限公司

中國大陸

零售業務

中國二零二四年社會消費品零售總額達到48.8萬億元，同比增長3.5%。主要因為二零二四年下半年以來，中國國家發展和改革委員會加力推動大規模設備更新和消費品以舊換新之政策實施及與相關工作單位積極配合，促使家電、汽車等商品銷售增長加快， 對中國內地整體消費回升起到了明顯的拉動作用。不過， 關於中國內地服裝、鞋帽及針紡織品類別消費品零售額於二零二四年僅錄得0.3% 增長。這顯示中國內地相關政策未能惠及服裝鞋履相關的消費品市場及提升消費者對此零售版塊的消費信心。

BUSINESS REVIEW (CONTINUED)

Mainland China (Continued)

Retail Business (Continued)

To overcome the current economic downturn, the Group has made a decisive move in the year under review to comprehensively optimise its offline distribution network, including reviewing, in particular, the department stores subject to fixed rents and only retaining those stores that are profitable to the Group. Apart from assessing the current sales of its physical stores in all regions, the Group also considered whether there is still room for future business development in the relevant regions and to proactively close physical stores in regions with declining retail markets. Meanwhile, the Group continued to consolidate its sales networks in key cities, cautiously evaluate the sales coverage of the Group and eliminate stores with overlapping customer bases, with a view to ensuring that appropriate distance is maintained between stores to raise the effectiveness in reaching target customers. The current store network of the Group is mainly located across large shopping centers and sizeable department stores with high customer traffic.

Moreover, in order to increase the turnover of off-season products and strengthen cash flow position, the Group provided discounts to customers from time to time and sold slow-moving off-season products to wholesalers with relatively high discounts during the year under review. However, such stock clearance initiatives not only led to a decrease in the average selling price of footwear but also resulted in a significant decrease in the gross profit margin of the Group. During the year under review, the Group's retail sales in Mainland China decreased by 25.4% to RMB294,100,000 (2023/24: RMB394,200,000).

業務回顧（續）中國大陸（續）零售業務（續）

為克服當前經濟不景氣，本集團於回顧年內已作出銳意果斷的部署， 全面地優化線下分銷網絡， 包括特別審視須支付固定租金的百貨店及只保留對本集團有貢獻的店舖等。除了評核位於各地區的實體店之目前銷售情況外，本集團亦考慮該相關地區未來是否還有業務發展的空間，積極撤離那些位於零售市場正在萎靡的地區之實體店。與此同時，本集團繼續整合在重點城市內的銷售網絡地點， 謹慎地評估本集團銷售覆蓋範圍及削減客戶群存在重疊的店舖， 確保店與店之間維持合適的距離，以提升接觸目標客戶群之效益。現在本集團店舖網絡主要分佈於大型購物中心及客流量高而具規模的百貨商場。

此 外， 務求 加 快 過 季 貨品的 流 轉及增強現金流，本集團於回顧年內不時推出折扣 優 惠 給顧客及以較 大折扣售出慢流過季貨品予批發商。可是， 這些清貨策略不但拉低鞋履平均售價， 以致總銷售減少 外， 還導 致 本集團毛 利率顯著 下跌。於回顧年度，本集團在中國大陸地區的零售額同比下跌25.4% 至人民幣 294,100,000元（二零二 三╱二四年：人民幣394,200,000元）。

annual report 2025 年報 2025 27

BUSINESS REVIEW (CONTINUED)

Mainland China (Continued)

Retail Business (Continued)

Price reduction sales to reducing off-season inventories is only a short-term strategy. The Group has always endeavored to keep abreast of the changes in consumer demand for footwear styles and maintain appropriate stock level with different inventory categories in various seasons, allowing the Group to implement flexible procurement plans to improve its brand competitiveness and lower costs of overstocking. The Group insisted on developing products with high quality, great style and exquisite craftsmanship for consumers to enhance its brand value and loyalty, thereby increasing customer traffic and sales. The Group has once again reviewed and evaluated its existing suppliers and mainly procured from high-quality suppliers with good reputations and manufacturing technology while strengthening the monitoring of the relevant suppliers to ensure production quality as well. As we build consumers' confidence in the quality of LE SAUNDA, consumers would eventually prefer purchasing the Group's product over low-priced footwear products offered f rom other brands. This undoubtedly helps the Group in consolidating its position and maintaining its market share in the ladies' footwear market.

28 le saunda holdings ltd. 萊爾斯丹控股有限公司

業務回顧（續）中國大陸（續）零售業務（續）

以降價促銷來減少過季庫存只屬於短暫策略。本集團一向致力緊貼消費者對鞋類流行款式需求之轉變， 關注各類別存貨於不同的季節之合適存量，執行靈活的採購計劃，以增強品牌競爭力及降低存貨積壓產生的成本。本集團堅持專注開發質優、款佳、手工好的產品給消費者，以提升品牌價值及品牌黏性， 從而增加客源流量及銷售量。本集團已重新審視及評估現有供應商， 對擁有良好商譽及製造技術的高質供應商作出重點採購， 並加強監察相關供應商確保生產質量到位。當消費者對萊爾斯丹的質量有信心時，久而久之消費者會更傾向於選擇本集團的產品， 而不是因傾向低價產品而轉向購 買其他鞋履品牌。這無疑有助於本集團鞏固在女鞋市場的地位及保持市場份額。