英 皇 鐘 錶 珠 寶 有 限 公 司 EMPEROR WATCH & JEWELLERY LIMITED 於香港註冊成立之有限公司 (股份代號：887) 2022年 中期報告 目錄 2 業績概要 3 管理層討論及分析 8 中期股息 9 簡明綜合損益及其他全面收益表 10 簡明綜合財務狀況表 12 簡明綜合權益變動表 13 簡明綜合現金流量表 14 簡明綜合財務報表附註 32 董事及最高行政人員之證券權益 35 其他人士之證券權益 36 企業管治及其他資料 業績概要 英皇鐘錶珠寶有限公司（「本公司」）之董事會（「董事會」或「董事」）提呈本公司 及其附屬公司（統稱「本集團」）截至2022年6月30日止6個月（「本期間」）之未經 審核簡明綜合業績。 | --- | --- | --- | --- | |----------------------------------|------------------------------------------------|---------------------------------------------------------------------|---- ...

於香港註冊成立之有限公司（股份代號：887) Incorporated in Hong Kong with limited liability (Stock Code: 887) nnual Report 2021年報 | --- | --- | --- | |---------------|-------|--------------------------------------------------------------------------------------------------------| | CONTENTS 目錄 | 2 | CORPORATE INFORMATION AND KEY DATES 公司資料及重要日期 | | | 4 | RESULTS HIGHLIGHTS 業績亮點 | | | 5 | MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 | | | 12 | BIOGRAPHIES OF DIRECTORS AND SENIOR EXECUTIVES 董事及高級行政人員之履歷 | | | 16 | ACHIEVEMENTS 殊榮 ...

英 皇 鐘 錶 珠 寶 有 限 公 司 EMPEROR WATCH & JEWELLERY LIMITED 於香港註冊成立之有限公司 (股份代號：887) 2021年 中期報告 目錄 2 業績亮點 3 管理層討論及分析 8 中期股息 9 簡明綜合損益及其他全面收益表 10 簡明綜合財務狀況表 12 簡明綜合權益變動表 13 簡明綜合現金流量表 14 簡明綜合財務報表附註 33 董事及最高行政人員之證券權益 36 其他人士之證券權益 37 企業管治及其他資料 業績亮點 英皇鐘錶珠寶有限公司（「本公司」）之董事會（「董事會」或「董事」）提呈本公司 及其附屬公司（統稱「本集團」）截至2021年6月30日止六個月（「本期間」）之未經 審核簡明綜合業績。 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------|---------------------------- ...

Financial Performance - Revenue for the year ended December 31, 2020, was HK$2,627 million, a decrease of 36.1% compared to HK$4,110 million in 2019[7] - Gross profit for 2020 was HK$840 million, down 33.5% from HK$1,264 million in 2019, with a gross profit margin of 32.0%, an increase of 1.2 percentage points[7] - Adjusted EBIT for 2020 was HK$160 million, a decline of 40.3% from HK$268 million in 2019[7] - Net profit for 2020 was HK$34 million, representing a decrease of 62.2% compared to HK$90 million in 2019[7] - Earnings per share for 2020 were HK0.50 cents, down 62.4% from HK1.33 cents in 2019[7] - The Group's total revenue decreased by 36.1% to HK$2,626.6 million in 2020, down from HK$4,110.1 million in 2019[11] - Gross profit decreased to HK$840.1 million, while gross profit margin increased by 1.2 percentage points to 32.0%[11] - Net profit decreased to HK$34.0 million, with a turnaround noted in the second half of the year after a net loss of HK$113.7 million in the first half[11] Market Performance - Revenue from the Hong Kong market dropped significantly to HK$1,256.6 million, accounting for 47.8% of total revenue, compared to 67.2% in 2019[11] - Revenue from the mainland China market increased by 39.7% to HK$783.3 million, representing 29.8% of total revenue, up from 13.6% in 2019[11] - The luxury sector in Hong Kong saw a 54.0% year-on-year decrease in retail sales of jewellery, watches, and valuable gifts due to COVID-19[14] - Mainland China's GDP grew by 2.3% during the year, indicating a recovery in domestic consumption despite the pandemic[15] - The total number of visitor arrivals to Hong Kong and Macau declined by 93.6% and 85.0% respectively, while the Group's segmental revenue in these markets decreased by 54.5% and 47.2%, indicating resilience in local luxury consumption demand[32] - The Group's mainland China business recorded a strong rebound with a year-on-year revenue growth of 39.7% as COVID-19 was substantially contained[33] Strategic Initiatives - The company plans to continue focusing on market expansion and enhancing investor relations strategies[9] - The Group's core strategy focuses on maintaining its leading position in Greater China while expanding beyond the region[20] - The Group plans to strengthen its strategic coverage in the mainland China market, which is expected to be a significant growth driver due to strong pent-up demand[41] - The Group launched the "Fortune Bracelet" product, enhancing engagement with local consumers through promotional and VIP events[31] - The Group is enhancing its online platforms for jewellery products and has established a presence on popular platforms such as JD.com, Tmall.com, and Zalora[37] Financial Position - Bank balances and cash on hand as of December 31, 2020, amounted to HK$405.1 million, an increase from HK$239.9 million in 2019[45] - Total bank borrowings as of December 31, 2020, were approximately HK$638.7 million, down from HK$790.9 million in 2019, resulting in a net gearing ratio of 5.1% compared to 12.3% in 2019[45] - As of December 31, 2020, the Group's current assets were approximately HK$3,585.3 million, an increase from HK$3,539.4 million in 2019, while current liabilities rose to HK$1,027.3 million from HK$659.3 million[46] - The current ratio decreased to 3.5 in 2020 from 5.4 in 2019, and the quick ratio also declined to 0.5 from 0.6[46] - The Group's distributable reserves as of December 31, 2020, amounted to HK$1,059,066,000, an increase from HK$936,114,000 in 2019[83] Corporate Governance - The Company is led by a Board responsible for strategic direction and monitoring financial performance to promote shareholder interests[1] - The Executive Committee, comprising all Executive Directors, manages day-to-day operations and formulates business policies[1] - Independent Non-executive Directors (INEDs) are confirmed independent based on annual reviews, ensuring impartial judgment in Board discussions[1] - The Board has established a formal schedule for matters reserved for Board decision, including approving annual results and major capital restructuring[1] - The Company has arranged appropriate insurance coverage for Directors against potential legal actions[1] - The Company has established a remuneration committee to recommend director remuneration based on performance and market benchmarks[158] - The company fully complied with the Corporate Governance Code provisions except for the separation of the roles of chairman and chief executive officer[170] Employee and Director Remuneration - Total staff costs for the year were HK$192.2 million, significantly reduced from HK$313.9 million in 2019, reflecting a decrease in the number of employees from 1,053 to 865[50] - The remuneration policy for directors is aligned with business strategy and shareholder interests, ensuring no individual determines their own remuneration[154] - Employees' remuneration is based on individual performance and market pay levels, including various benefits such as discretionary bonuses and share options[155] Shareholder Information - The annual results announcement is scheduled for March 24, 2021, with a final dividend of HK0.15 cents per share[5] - No interim dividend was paid during the Year, while a final dividend of HK$0.15 per share is recommended for the Year, compared to HK$0 in 2019[72][73] - The Directors recommended the final dividend payment is subject to approval at the upcoming annual general meeting on May 27, 2021[73] Related Party Transactions - The Group's total rental payments to Emperor International and Emperor E Hotel during the year were HK$73,297,000 and HK$2,834,000, respectively[135] - Transactions with connected persons constituted continuing connected transactions under Chapter 14A of the Listing Rules[135] - The auditor issued an unqualified letter regarding the Group's Disclosed Continuing Connected Transactions, confirming compliance with the relevant listing rules[145] - Independent non-executive directors confirmed that the disclosed transactions were conducted in the ordinary course of business and on normal commercial terms[146]

於香港註冊成立之有限公司 (股份代號：887) 2020年 中期報告 目錄 2 業績摘要 3 管理層討論及分析 8 簡明綜合損益及其他全面收益表 9 簡明綜合財務狀況表 11 簡明綜合權益變動表 12 簡明綜合現金流量表 13 簡明綜合財務報表附註 33 董事及最高行政人員之證券權益 36 其他人士之證券權益 37 企業管治及其他資料 業績摘要 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|-------------|-------------------| | | | | | | 百萬港元（未經審核） | | | | | | 截至 6 月 30 | 日止 6 個月 | 變動 | | | 2019 年 | 2020 年 | | ...

英 皇 鐘 錶 珠 寶 有 限 公 司 EMPEROR WATCH & JEWELLERY LIMITED Incorporated in Hong Kong with limited liability (Stock Code: 887) 於香港註冊成立之有限公司（股份代號：887) t 2017-02-2 · ANNUAL REPORT 2019 2019 年報 CONTENTS 目錄 2 CORPORATE INFORMATION AND KEY DATES 公司資料及重要日期 4 RESULTS SUMMARY 業績摘要 5 ACHIEVEMENTS 殊榮 6 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 12 BIOGRAPHIES OF DIRECTORS AND SENIOR EXECUTIVES 董事及高級行政人員之履歷 15 DIRECTORS' REPORT 董事會報告 29 CORPORATE GOVERNANCE REPORT 企業管治報告 57 INDEPENDENT AUDITOR'S REPORT 獨立核數師報告 65 CONSOLIDA ...

| --- | --- | --- | --- | --- | |-------|-------|---------------|----------------------------------------------------------------------------------------------------------|-------| | | | | | | | | | | | | | | | | 英 皇 鐘 錶 珠 寶 有 限 公 司 EMPEROR WATCH & JEWELLERY LIMITED 於香港註冊成立之有限公司 (股份代號：887) | | | | | | | | | | | | | | | ● | | | | · | | | | 中期報告 2019 | | · | 目錄 2 業績摘要 3 管理層討論及分析 8 中期股息 9 簡明綜合損益及其他全面收益表 10 簡明綜合財務狀況表 12 簡明綜合權益變動表 13 簡明綜合現金流量表 14 簡明綜合財務報表附註 39 董事及最高行政人員之證券權益 41 其他人士之證券權益 42 企業管治及其他資料 業績摘要 | --- ...

Financial Performance - Revenue for the year ended December 31, 2018, increased by 15.9% to HK$4,722 million from HK$4,075 million in 2017[10] - Gross profit rose by 19.8% to HK$1,305 million, with a gross profit margin of 27.6%, up from 26.7%[10] - Net profit per reported increased by 65.0% to HK$264 million, while adjusted net profit rose by 68.1% to HK$269 million[10] - Basic earnings per share increased by 66.8% to HK$3.87 from HK$2.32 in the previous year[10] - Total dividends per share increased by 66.7% to HK$1.25 from HK$0.75[10] - The adjusted net profit margin improved to 5.7%, up from 3.9% in the previous year[10] - Net profit rose by 65.5% to HK$264.3 million, with adjusted net profit growing by 68.5% to HK$269.1 million after accounting for a depreciation charge of HK$4.8 million[20] - Revenue from Hong Kong increased by 19.6% to HK$3,642.9 million, accounting for 77.1% of total revenue[24] - Revenue from the jewellery segment recorded a growth of 26.5% to HK$1,058.2 million, driven by an expanded store network and successful marketing strategies[24] Awards and Recognition - The company received multiple awards, including the Hong Kong Service Awards 2018 for Luxury Watch Retailer and the Outstanding Brand Awards 2018[12] - The company has been recognized as a Caring Company for over 10 years, highlighting its commitment to corporate social responsibility[12] Market Expansion and Strategy - The company plans to continue expanding its market presence and enhancing investor relations strategies[12] - The company aims to leverage new product developments and technology to drive future growth[12] - The Group is adopting a two-pronged strategy focusing on further penetration in Greater China and expanding into new cities in Southeast Asia, including Malaysia[59] - The Group aims to optimize cost structures and remain vigilant regarding macro-economic challenges such as the Sino-US trade dispute and currency fluctuations[55] - The luxury market in China is expanding, driven by rising income levels and improving quality of life, which supports the Group's long-term growth prospects[55] - The Group plans to enhance its marketing efforts and strengthen its presence in strategic locations to cater to the growing female consumer base in the jewellery sector[55] - Collaborations with pop stars and celebrities are utilized to enhance brand reputation and visibility in Chinese-speaking communities[49] Store Operations and Acquisitions - The Group operated 95 stores as of December 31, 2018, an increase from 80 stores in 2017, with a distribution across Hong Kong, Macau, mainland China, Singapore, and Malaysia[32] - In December 2018, the Group acquired a self-owned store on Canton Road, enhancing its strategic sales network in a prime retail location[37] - During the year, the Group launched one multi-watch store and three dedicated watch boutiques in Beijing and Chongqing, reinforcing its market penetration in mainland China[38] - Six new "Emperor Jewellery" stores were opened in Hong Kong during the year, located in high-traffic shopping malls[42] - The Group completed the acquisition of a retail space for HK$1,800 million, with HK$1,200 million paid in cash[25] - The acquisition of Perfect Raise Holdings Limited was completed on December 12, 2018, for a cash consideration of HK$1,151,472,008.69, after shareholder approval on December 5, 2018[141] Financial Position - As of December 31, 2018, the Group's bank balances and cash amounted to HK$627.3 million, down from HK$1,613.1 million in 2017[25] - The Group had total bank borrowings of approximately HK$1,156.5 million, resulting in a net gearing ratio of 11.9%[25] - As of December 31, 2018, the Group's current assets were approximately HK$3,896.8 million, down from HK$4,450.3 million in 2017, while current liabilities increased to HK$908.7 million from HK$305.7 million[29] - The current ratio decreased to 4.3 from 14.6 in 2017, and the quick ratio fell to 0.9 from 5.9[30] - The total bank borrowings amounted to approximately HK$1,156.5 million as of December 31, 2018, compared to none in 2017, resulting in a net debt-to-equity ratio of 11.9%[27] Employee and Compensation - Total staff costs for the year amounted to HK$291.7 million, an increase from HK$256.5 million in 2017, with 875 salespersons and 251 office staff as of December 31, 2018[60] - The group employed 875 sales personnel and 251 office staff as of December 31, 2018, compared to 752 and 216 respectively in 2017, indicating a workforce increase of approximately 16.4%[62] - Total employee costs, including director remuneration, amounted to HKD 291.7 million in 2018, up from HKD 256.5 million in 2017, reflecting an increase of about 13.7%[62] - Employee compensation is determined based on individual responsibilities, capabilities, experience, and market salary levels, ensuring competitive benefits including medical and life insurance[62] - The remuneration policy for Executive Directors is linked to the Group's operating results and individual performance, ensuring alignment with shareholders' interests[172] - The remuneration package for employees includes basic salaries, discretionary bonuses, and share options under the Share Option Scheme[172] Corporate Governance - The Company has maintained a sufficient public float of at least 25% of the issued shares as required under the Listing Rules[174] - The Board consists of six Directors, including three Executive Directors and three Independent Non-Executive Directors, as of December 31, 2018[183] - The Company fully complied with the Corporate Governance Code provisions for the year, except for the deviation regarding the segregation of roles of chairman and chief executive officer[182] - The Group's Independent Non-Executive Directors confirmed their independence in accordance with the Listing Rules[171] - The Board is responsible for the leadership, control, and promotion of the Group's success in the interests of shareholders[191] - The Executive Committee manages day-to-day operations and has delegated powers, except for key matters reserved for the Board[192] - The Board conducts annual reviews to ensure the independence of INEDs based on Listing Rules[196] - The Company is committed to good corporate governance practices and compliance with regulatory requirements[199] Share Repurchase and Dividends - The Group's share repurchase amounted to HK$51.2 million, buying back 102,990,000 shares at an average price of HK$0.50 per share, which were subsequently cancelled[27] - The Group's interim dividend for the Year was HK$0.7 cents per share, totaling approximately HK$47.5 million, an increase from HK$11.7 million in 2017[82] - The Directors recommended a final dividend of HK$0.55 cents per share, amounting to approximately HK$37.3 million, down from HK$39.9 million in 2017[82] - The Company's distributable reserves as of December 31, 2018, amounted to HK$856,999,000, an increase from HK$802,153,000 in 2017[92] - During the Year, the Company repurchased a total of 102,990,000 shares at an aggregate consideration of HK$51,193,950[100] Related Party Transactions - The Company entered into master leasing agreements with Emperor International and Emperor E Hotel on May 24, 2018, governing tenancy transactions until March 31, 2021[146] - The total rental payments under the Master Leasing Agreements amounted to HK$175,708,000, constituting non-exempt continuing connected transactions[156] - The aggregate amounts of Tenancy Transactions with Emperor International and Emperor E Hotel were HK$171,567,090 and HK$4,140,961 respectively during the year[151] - The Group complied with the disclosure requirements under Chapter 14A of the Listing Rules regarding related party transactions[159] Charitable Contributions - Charitable donations made by the Group during the year amounted to approximately HK$938,250[180]