周生生2023年报

CORPORATE INFORMATION Board of Directors Executive DirectorsMr. Vincent CHOW Wing ShingChairman and Group General ManagerDr. Gerald CHOW King SingMr. Winston CHOW Wun SingGroup Deputy General ManagerMs. Genevieve CHOW Karwing Non-executive DirectorsMr. Stephen TING Leung HuelMr. CHUNG Pui Lam Independent Non-executive DirectorsDr. CHAN Bing FunMr. LEE Ka LunDr. LO King ManMr. Stephen LAU Man LungMr. HSU Rockson Company Secretary Mr. Quentin WONG Kwun Shuen Registered Office Clarendon House, 2 Church StreetHamilton HM 11, Bermuda Clarendon House, 2 Church StreetHamilton HM 11, Bermuda Principal Place of Business 4/F, Chow Sang Sang Building229 Nathan Road, KowloonHong Kong 2294 Legal Advisers Baker & McKenzieWilkinson & Grist Auditor Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor Principal Bankers Standard Chartered Bank (Hong Kong) LimitedAustralia and New Zealand Banking Group LimitedThe Hongkong and Shanghai Banking Corporation LimitedHang Seng Bank LimitedIndustrial and Commercial Bank of China LimitedBank of China (Hong Kong) LimitedBNP Paribas Hong Kong Branch Website www.chowsangsang.com www.chowsangsang.com CONTENTS 2Financial Highlights3Chairman’s Message4Board of Directors and Senior Management9Management Discussion and Analysis17Report of the Directors27Environmental, Social and Governance Report59Corporate Governance Report 75Independent Auditor’s Report83Consolidated Statement of Profit or Loss85Consolidated Statement of Comprehensive Income86Consolidated Statement of Financial Position88Consolidated Statement of Changes in Equity90Consolidated Statement of Cash Flows92Notes to the Consolidated Financial Statements202Particulars of Properties Held207Definitions Iam pleased to report that in 2023 the Group emerged from thedarkness of the pandemic to record a profit of HK$1,013 million, anincrease of 124% over the year before. 202310.13124% That brings us back to roughly the level of 2018. The post-pandemicrebound, in Mainland China especially, clearly lacked momentum. 2018 Welook forward to the growth-oriented policies from the centralgovernment bearing fruit. We are poised to welcome new guests fromthe Mainland under the relaxed travel schemes. We wait in anticipationfor the Hong Kong government’s effort to revive the economy to makeprogress. Thatlandlords in Hong Kong will empathise with retailers andrestauranteurs to keep in check their urge to raise rentals is somethingto be devoutly wished. Any relief to the problem of labour shortagewould likewise be welcome. But above all, we look to ourselves to move forward with enhancementsin logistics, marketing, merchandising and cost control. We continue toexpand our store-networks and markets, selectively and judiciously. Iam confident that with the relentless support of our staff,ourcustomers, our investors and other stakeholders, we can continue togrow as we move into and beyond our 90th Anniversary. I thank themall. 90 Vincent CHOW Wing ShingChairman Hong Kong Dr.CHAN Bing Fun,MB,BS,DMRT,aged 90,is an IndependentNon-executive Director of the Company, and a member of the AuditCommittee,Remuneration Committee and Nomination Committee ofthe Company. He has been with the Group for over 50 years. Dr. CHANis a medical doctor in private practice in Hong Kong. MBBS DMRT 9050 Mr. Vincent CHOW Wing Shing, SBS, BBS, MBE, JP, aged 77, is anExecutive Director of the Company, the Chairman of the Board, theGroupGeneral Manager and a director of a number of subsidiarieswithin the Group. Mr. CHOW is the cousin of Dr. Gerald CHOW KingSing and Mr. Winston CHOW Wun Sing and the father of Ms. GenevieveCHOWKarwing.He is a director of Everwin Company Limited,asubstantialshareholder of the Company.Mr.CHOW has been withthe Group for over 40 years, having been the Group General Managerandthe Chairman since 1998 and 2013 respectively.He was theChairman of the Home Affairs Bureau to its Advisory Committee on ArtsDevelopment, and is currently a member of the Culture Commissionand a member of the Board of Governors of City University of HongKongFoundation.Mr.CHOW was made an Honorary Fellow of theHong Kong Academy for Performing Arts; and he serves as a Director ofthe Board of The Hong Kong International Film Festival Society Limited,which is a not-for-profit organisation. He is a member of the Board ofGovernors and a member of the College Council of the UOW CollegeHong Kong. SBSBBS MBE77EverwinCompany Limited4019982013– 6735SpeedStar Holdings Limited201820222009201120072015200920111997 Dr. Gerald CHOW King Sing, aged 67, is an Executive Director ofthe Company. He is a member of the Nomination Committee of theCompany and a director of a number of subsidiaries within the Group.He has joined the Group for over 35 years. Dr. CHOW is the elderbrotherof Mr.Winston CHOW Wun Sing,a cousin of Mr.VincentCHOW Wing Shing and an uncle of Ms. Genevieve CHOW Karwing. Heis a director of Speed Star Holdings Limited,