Interim report 2024/25

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

PRINCIPAL BANKERS

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

執行董事

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）

非執行董事

倪雅各（主席）

獨立非執行董事

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

公司秘書

陳子樂

主要往來銀行

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

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.

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及LINEA ROSA，以不同定位 的產品，覆蓋廣闊的目標客戶群。

In the first half of fiscal year 2024/25, the total revenue of the Group decreased by 27.3% year-on-year to RMB149,600,000 (2023/24: RMB205,800,000). Consolidated gross profit decreased by 41.1% year-on-year to RMB79,400,000 (2023/24: RMB134,900,000). The Group recorded an overall gross profit margin of 53.1%, representing a decrease of

12.4 percentage points as compared to the corresponding period of last year. During the period under review, consolidated loss attributable to owners of the Company was RMB38,000,000 (2023/24: consolidated loss of RMB13,900,000).

二 零 二 四╱二 五 財 政 年 度 上 半 年，本 集 團 總 體 收 益 同 比下 跌27.3% 至 人 民幣 149,600,000元（二零二 三╱二 四 年：人 民 幣205,800,000元）。綜合毛利額同比下跌 41.1% 至人民幣79,400,000元（二零二三╱ 二 四 年：人 民 幣134,900,000元）。本 集 團 整 體毛 利率 較去年同期 減 少12.4個 百分 點至53.1%。於回顧期內，本公司權益持 有人 應 佔 綜 合虧 損 為人 民幣38,000,000 元（二零二三╱二四年：綜合虧 損 人 民幣 13,900,000元）。

FINANCIAL REVIEW (CONTINUED)

Profitability Analysis

During the year under review, the continuing sluggish retail market in Mainland China caused the Group's total retail sales to drop significantly. On the other hand, the Group offered higher retail discounts to clear up slow-moving inventories, resulting in a decrease in gross profit margin. Hence, the total revenue of the Group decreased by

27.3% year- on-year to RMB149,600,000 (2023/24: RMB205,800,000). Consolidated gross profit decreased by 41.1% to RMB79,400,000 (2023/24: RMB134,900,000). Gross profit margin decreased by 12.4 percentage points to 53.1% as compared to the corresponding period of last year.

During the period under review, selling and distribution ex p e n s e s d e c re a s e d by 22.9% ye a r- o n - ye a r to RMB83,300,000 (2023/24: RMB108,100,000). The ratio of selling and distribution expenses to total revenue increased by 3.2 percentage points to 55.7% (2023/24: 52.5%). One of the reasons for the increase of such ratio was that one-off employees' compensation expenses were incurred due to the closure of shops and the giving out of a higher sales commission to incentivise sales staff for slow-moving stock clearance. Another reason was attributable to a greater decline in revenue than that of expenses of the Group.

During the period under review, general and administrative expenses increased by 0.7% to RMB41,800,000 as compared to the corresponding period of last year (2023/24: RMB41,500,000). As most of the expenses of the back-office are fixed and the Group's total sales recorded a significant decline, and one-off employees' compensation expenses owing to the optimisation of back-office administrative staff were incurred during the period under review, the ratio of general and administrative expenses to total revenue of the Group consequently increased by 7.8 percentage points to 28.0% (2023/24: 20.2%).

The Group recorded other income of RMB1,100,000 during the period under review, increased by 36.2% year-on-year as compared to the corresponding period of last year (2023/24: RMB800,000). Such other income included local government incentives and property rental income. Other gains comprised of exchange gains or losses. During the period under review, the exchange rate of renminbi slightly rebounded, the Group recorded an exchange gain of RMB1,400,000 (2023/24: loss of RMB2,200,000).

財務回顧（續） 盈利狀況分析

於回顧期內，中國內地持續遲緩的零售 市場，令本集團總零售銷售額顯著下跌。 另一方面，本集團為清理慢流存貨，提供 較高的銷售折扣，引致毛利率下跌。故此， 本集團之總收益同比下跌27.3%至人民幣 149,600,000元（二零二 三╱二 四 年：人 民 幣205,800,000元）；綜合毛利額同比下跌 41.1% 至人民幣79,400,000元（二零二三╱ 二 四 年：人 民 幣134,900,000元），毛 利 率 較去年同期減少12.4個百分點至53.1%。

於回顧 期內，銷售及分銷開支同比下跌 22.9%至人民幣83,300,000元（二零二三╱ 二 四 年：人 民 幣108,100,000元）。 銷 售及 分銷開支對總收益的佔比增加3.2個百分 點至55.7%（二零二三╱二四年：52.5%）。 此佔比上升，其中一個原因是因關店而 產生一次性僱員賠償費用及給予較高銷 售佣金鼓勵銷售員清理慢流庫存。另一 個原因是由於本集團之銷售跌幅較銷售 及分銷開支的跌幅為高。

於回顧期內，一般及行政開支較去年同 期 增加0.7% 至 人 民幣41,800,000元（二零 二三╱二四年：人民幣41,500,000元）。由 於後勤部門開支多數為固定費用及本集 團銷售額顯著下跌，以及回顧期內因優 化後勤行政人員而產生一次性僱員賠償 費用，所以本集團之一般及行政開支對總 收益的佔比上升7.8個百分點至28.0%（二 零二三╱二四年：20.2%）。

本集團於回顧 期內錄得人 民幣1,100,000 元的其他收入，較去年同期增加36.2%（二 零二 三╱二四年：人 民幣800,000元），該 其他收入包括地方政府補貼及物業租金 收 入。其他 收 益 為匯兌損 益，於回顧 期 內，人民幣匯價輕微回升，本集團錄得匯 兌收益為人民幣1,400,000元（二零二三╱ 二四年：虧損人民幣2,200,000元）。