周生生(00116) - 2024 - 中期业绩

Financial Performance - For the six months ended June 30, 2024, the total revenue from continuing operations was HKD 11,312,744, a decrease of 13% compared to HKD 12,999,778 for the same period in 2023[2] - Retail revenue was HKD 11,049,022, down 13% from HKD 12,671,833 in the previous year[3] - The profit attributable to the owners of the company for continuing operations was HKD 501,810, a decline of 39% from HKD 828,969 in the same period last year[2] - Basic and diluted earnings per share decreased to 77.6 cents, down 36% from 122.1 cents in the prior year[4] - The total comprehensive income for the period was HKD 268,209, a decrease from HKD 311,101 in the same period last year[5] - The adjusted profit before tax for the continuing operations was HKD 649,706, compared to HKD 1,061,669 for the same period in 2023, indicating a decrease of approximately 38.73%[17] - The total profit before tax for the continuing operations was HKD 625,526, down from HKD 1,063,429 in the previous year, representing a decline of approximately 41.19%[17] - The group's profit before tax from continuing operations for the six months ended June 30, 2024, was HKD 501,810,000, compared to HKD 828,969,000 for the same period in 2023, representing a decrease of approximately 39.4%[31] Dividends and Payouts - The interim dividend per share was set at 15.0 cents, with a payout ratio of 19%, compared to 20.0 cents and a 16% payout ratio in the previous year[2] - The group recognized a dividend of HKD 270,974,000 for the year-end dividend per share of HKD 0.40, an increase from HKD 101,615,000 for the interim dividend per share of HKD 0.15[30] - The board declared an interim dividend of HKD 0.15 per share for the six months ended June 30, 2024, down from HKD 0.20 per share in 2023[54] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to HKD 3,747,266, down from HKD 3,882,913 as of December 31, 2023, reflecting a decrease of 3.5%[6] - Current assets totaled HKD 15,150,465 as of June 30, 2024, compared to HKD 15,273,243 as of December 31, 2023, indicating a decline of 0.8%[6] - Total current liabilities decreased to HKD 5,391,008 as of June 30, 2024, from HKD 5,634,951 as of December 31, 2023, a reduction of 4.3%[6] - Total non-current liabilities were HKD 1,339,294 as of June 30, 2024, slightly down from HKD 1,351,011 as of December 31, 2023, a decrease of 0.9%[7] - The company's equity attributable to owners was HKD 12,207,595 as of June 30, 2024, compared to HKD 12,204,072 as of December 31, 2023, showing a marginal increase[7] Revenue Sources - The company reported a total of HKD 12,999,778 in rental income from investment properties for the six months ended June 30, 2024, compared to HKD 11,312,744 for the same period in 2023[11] - The jewelry and watch retail segment generated revenue of HKD 11,049,022, while the precious metals wholesale segment contributed HKD 247,897 for the same period[15] - Revenue from the wholesale precious metals segment decreased by 21% to HKD 248 million, while the segment recorded a profit of HKD 2 million compared to a loss of HKD 1 million in the same period last year[45] Market and Operational Insights - The company plans to focus on market expansion and new product development to drive future growth[2] - Same-store sales growth in Hong Kong and Macau jewelry business increased by 4%, but declined by 9% in mainland China due to a high base from the previous year[38] - The company opened 25 new stores and closed 47 stores, primarily in mainland China, resulting in a net decrease of 22 stores[41] - Online sales in mainland China for the first half of 2024 amounted to HKD 1,485 million, a decrease of 7% compared to HKD 1,594 million in the same period of 2023[43] - The company’s same-store sales growth for gold jewelry and products in mainland China recorded a decline of 12% in the first half of 2024[40] - The company’s retail segment performance in Taiwan showed an 18% year-on-year growth, contrasting with declines in other major markets[39] Financial Instruments and Investments - The company reported a net loss from designated financial instruments was HKD (35,627), a significant decline from a gain of HKD 90,316 in the previous year[18] - The net loss from the sale of derivative financial instruments was HKD 24,827,000 for the six months ended June 30, 2024, compared to HKD 1,833,000 in the same period of 2023, indicating a significant increase in losses[20] - The group reported other income of HKD 5,044 from the sale of derivative financial instruments, down from HKD 20,480 in the previous year, indicating a decrease of approximately 75.40%[18] Employee and Operational Costs - As of June 30, 2024, the group employed 11,784 staff, with total employee expenses amounting to HKD 1,086 million for the six-month period[52] - The group's depreciation of property, plant, and equipment for the six months ended June 30, 2024, was HKD 170,559,000, slightly down from HKD 175,554,000 in the same period of 2023[19] Compliance and Governance - The company has complied with the applicable code provisions during the review period, with an exception noted regarding the roles of the Chairman and CEO[56] - The board of directors includes both executive and independent non-executive members, ensuring a balanced decision-making process[58]