子不语2023年报

About Zibuyu Group Limited子不語集團有限公司 Zibuyu Group (2420.hk) was establish in 2011 and listed on the mainboard of the Hong Kong Stock Exchange on 11 November 2022.Since our inception, we have been primarily focusing on the sale of awide range of self-designed apparel, footwear and other productsworldwide. We primarily design apparel, footwear and otherproducts, procure products manufactured in accordance with ourdesign and process from selected OEM suppliers, and subsequentlysell such products to customers globally through a combination ofthird-party e-commerce platforms and our self-operated onlinestores. Currently, our sales channels include (i) Amazon; (ii) Temu;(iii) other third-party e-commerce platforms; and (iv) our self-operated online stores. 子不語集團(2420.hk)201120221111OEM(i)(ii)Temu(iii)(iv) CONTENTS Corporate Information2Financial Highlights5Chairman’s Statement6Management Discussion and Analysis10Directors and Senior Management28Directors’ Report41Corporate Governance Report74Environmental, Social and Governance Report100Independent Auditor’s Report156Consolidated Statement of Comprehensive Income165Consolidated Statement of Financial Position166Consolidated Statement of Changes in Equity168Consolidated Statement of Cash Flows169Notes to the Consolidated Financial Statements171Definitions281 ZIBUYU GROUP LIMITEDAnnual Report 2023 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors 20231132023113 Mr. Hua Bingru(Chairman)Mr. Wang WeipingMr. Dong ZhenguoMr. Wang Shijian (resigned on 3 November 2023)Mr. Xu Shijian (resigned on 3 November 2023) Non-executive Director Ms. Hua Hui Independent Non-executive Directors Mr. Yu KefeiMr. Shen TianfengDr. Lau Kin Shing Charles AUDIT COMMITTEE Mr. Yu Kefei(Chairman)Mr. Shen TianfengDr. Lau Kin Shing Charles REMUNERATION COMMITTEE Mr. Shen Tianfeng(Chairman)Mr. Yu KefeiDr. Lau Kin Shing Charles NOMINATION COMMITTEE Dr. Lau Kin Shing Charles(Chairman)Mr. Hua BingruMr. Yu KefeiMr. Shen Tianfeng AUTHORIZED REPRESENTATIVES 202311 32023113 Mr. Hua Bingru (appointed on 3 November 2023)Ms. Yu AnneMr. Xu Shijian (resigned on 3 November 2023) JOINT COMPANY SECRETARIES Ms. Zheng HuanxinMs. Yu Anne PRINCIPAL BANKS 1 Bank of China (Hong Kong) Limited Bank of China Tower1 Garden RoadCentralHong Kong 382 China Merchants Bank Hangzhou Linping Sub-Branch No. 382, South Main StreetLinping DistrictHangzhou, Zhejiang Provincethe PRC HEADQUARTERS IN THE PRC 108410 Room 410, No. 108, Xincheng RoadNanyuan StreetLinping DistrictHangzhou, Zhejiang Provincethe PRC PRINCIPAL PLACE OF BUSINESS INHONG KONG 24840 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong AUDITOR 22 PricewaterhouseCoopers Certified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentralHong Kong ZIBUYU GROUP LIMITEDAnnual Report 2023CORPORATE INFORMATION COMPLIANCE ADVISER 1414402B Red Solar Capital Limited Unit 402B4/F, China Insurance Group BuildingNo.141 Des Voeux Road CentralCentralHong Kong HONG KONG LEGAL ADVISER 1532033207 Jingtian & Gongcheng LLPSuite 3203–3207, Edinburgh TowerThe Landmark15 Queen’s Road CentralCentralHong Kong PRINCIPAL SHARE REGISTRAR ICS Corporate Services (Cayman)Limited ICS Corporate Services (Cayman)Limited 3–212 Governors Square23 Lime Tree Bay AvenueP.O. Box 30746, Seven Mile BeachGrand Cayman KY1-1203Cayman Islands 3–212 Governors Square23 Lime Tree Bay AvenueP.O. Box 30746, Seven Mile BeachGrand Cayman KY1-1203Cayman Islands HONG KONG SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services Limited Shops 1712–171617th Floor, Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong STOCK CODE 24202420 COMPANY’S WEBSITE www.zbycorp.com www.zbycorp.com FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT Dear Shareholders, INTRODUCTION On behalf of the Board of Directors, I would like to expressmy most sincere thanks and greetings to all shareholders.Thank you for your continued trust and support in Zibuyu. Itis your companionship and encouragement that allow us toforge ahead through adversitiesand continue to achievenew accomplishments. 子不語 OUR MISSION AND VISION —子不語 It is a great honor and great responsibility for me to be heretoday. Because we jointly shoulder a great mission — tobuild Zibuyu into an internationally renowned fashionapparel and footwear product operator, providing thehighest quality products and services to consumers aroundthe world in a timely and convenient manner. This is what wehave always insisted on and is also the goal we continue topursue. 2023 CHALLENGES AND CHANGES IN 2023 2023 Looking back on 2023, we have faced unprecedentedc h a l l e n g e s a n d c h a n g e s . A s t h e g l o b a l e c o n o m ytransitioned into a phase of normalized development,inflationary pressures persisted, disrupting the balancebetween demand and supply. Coupled with a fragilerecovery in consumer spending in the overseas market, t