捷荣国际控股2023年年报

CONTENTS目錄 Definitions2Corporate Information5Chairman’s Statement7Management Discussion and Analysis9Directors and Senior Management21Corporate Governance Report27Directors’ Report55Independent Auditor’s Report71Consolidated Statement of Profit or Loss79Consolidated Statement of Comprehensive Income80Consolidated Statement of Financial Position81Consolidated Statement of Changes in Equity83Consolidated Statement of Cash Flows85Notes to Financial Statements87Five Year Financial Summary197 In this Annual Report, unless the context otherwise requires,the following expressions shall have the following meanings. Definitions (continued)釋 義（續） Definitions (continued)釋 義（續） Certain amounts and percentage figures included in this AnnualReporthave been subject to rounding adjustments.Accordingly, figures shown as totals in certain tables may notbe an arithmetic aggregation of the figures preceding them. The English translation of Mainland China entities, enterprises,nationals, facilities, regulations in Chinese or another languageincludedin this Annual Report is for identification purposesonly.To the extent there is any inconsistency between theChinesenames of Mainland China entities,enterprises,nationals,facilities,regulations and their English translations,the Chinese names shall prevail. Corporate Information公 司 資 料 BOARD OF DIRECTORSExecutive Directors Mr. Wong Tat Tong(Chairman)Ms. Fan Yee ManMr. Kam Chun Pong Bernard Timothy John Collins20236 1420236 14 Non-Executive Directors Mr. Timothy John Collins(appointment effected on 14 June 2023)Mr. Lee Tak Wah(appointment effected on 14 June 2023) Independent Non-Executive Directors Mr. Tang Kwai ChangMr. Wong Man FaiMr. Lok Kung Chin Hardy BOARD COMMITTEESAudit CommitteeMr. Tang Kwai Chang(Chairman)Mr. Wong Man FaiMr. Lok Kung Chin Hardy Nomination Committee Mr. Wong Tat Tong(Chairman)Mr. Wong Man FaiMr. Lok Kung Chin Hardy Remuneration Committee Mr. Wong Man Fai(Chairman)Mr. Wong Tat TongMr. Tang Kwai Chang COMPANY SECRETARYMs. Fan Yee Man(HKICPA) AUTHORISED REPRESENTATIVES Ms. Fan Yee ManMr. Kam Chun Pong Bernard REGISTERED PUBLIC INTEREST ENTITYAUDITOR Ernst & Young Corporate Information (continued)公 司 資 料（續） PRINCIPAL BANKS Bank of China (Hong Kong) LimitedHang Seng Bank Limited REGISTERED OFFICE IN BERMUDA Canon’s Court22 Victoria StreetHamilton, HM 12Bermuda Canon’s Court22 Victoria StreetHamilton, HM 12Bermuda HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG Flats F–J, 11th Floor, Block 1Kwai Tak Industrial Centre15–33 Kwai Tak StreetKwai ChungNew TerritoriesHong Kong 15–33111 F–J PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN BERMUDA Appleby Global Corporate Services (Bermuda) LtdCanon’s Court22 Victoria StreetHamilton, HM 12Bermuda Appleby Global Corporate Services (Bermuda) LtdCanon’s Court22 Victoria StreetHamilton, HM 12Bermuda 慤1617 HONG KONG SHARE REGISTRAR Tricor Investor Services Limited17th Floor,Far East Finance Centre16 Harcourt RoadHong Kong www.twcoffee.com COMPANY’S WEBSITEwww.twcoffee.com 2119 STOCK CODE2119 Chairman’s Statement主 席 報 告 Dear Shareholders, 202312 31 On behalf of the board of directors of Tsit Wing InternationalHoldingsLimited,I hereby present to you the Company’sannual report for the financial year ended 31 December 2023. COVID-19202397%20237.2%98.7%2019 The past year presented challenges for the catering industry, asthebusiness environment was not optimal.The COVID-19pandemic led to significant changes in the lifestyle and dininghabitsof Hong Kong residents.Additionally,the growingpost-pandemic travel enthusiasm resulted in a surge of HongKongresidents’cross border spending.In spite of all thechallenges, according to provisional data from the Census andStatistics Department, the overall revenue of the Hong Kongrestaurantsector in 2023 has recovered to 97%of itspre-pandemic level. In this context, I am heartened to reportthat, with the dedication and efforts of our staff, the Group’sbusinessin Hong Kong achieved an 7.2%growth in salesrevenue in 2023, recovering to 98.7% of its pre-pandemic levelwhich is in line with the industry recovery from 2019. SAP The market conditions in the PRC remained challenging, with agradualeconomic recovery leading to reduced consumerspending. Against this backdrop, the business of the Group inthePRC faced constraints and uncertainties,resulting in alacklustreperformance.To address these challenges,theGroupproactively implemented a series of enhancementinitiatives including but not limited to cost control, streamliningthe production process, and optimizing the production systemwith a view to increase operational efficiency. The Group hasalsoengaged external advisor to evaluate the operationalworkflow in its China operation and upgrading the SAP systemto strengthen overall profitability. All these initiatives were madeto strengthen the Group’s operation in the PRC preparing itselftotake on new challenges ahead and building a strongerfoundation