捷荣国际控股二零二四年中期报告

2Corporate Information5Management Discussion and Analysis15Independent Review Report18Condensed Consolidated Statement of Profit or Loss19Condensed Consolidated Statement ofComprehensive Income20Condensed Consolidated Statement of FinancialPosition22Condensed Consolidated Statement of Changes inEquity24Condensed Consolidated Statement of Cash Flows27Notes to the Condensed Consolidated FinancialStatements61Other Information Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Wong Tat Tong(Chairman)Ms. Fan Yee ManMr. Kam Chun Pong Bernard Non-Executive Directors Mr. Timothy John CollinsMr. Lee Tak Wah Timothy John Collins Independent Non-Executive Directors Mr. Tang Kwai ChangMr. Wong Man FaiMr. Lok Kung Chin Hardy BOARD COMMITTEES Audit Committee Mr. 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 Corporate Information (continued) COMPANY SECRETARYMs. Fan Yee Man(HKICPA) AUTHORISED REPRESENTATIVES Ms. Fan Yee ManMr. Kam Chun Pong Bernard REGISTERED PUBLIC INTERESTENTITY AUDITOR Ernst & Young 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 15–33111 F-J Flats F-J, 11th Floor, Block 1Kwai Tak Industrial Centre15–33 Kwai Tak StreetKwai ChungNew TerritoriesHong Kong Corporate Information (continued) 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 HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong www.twcoffee.com COMPANY’S WEBSITE www.twcoffee.com STOCK CODE 2119 2119 Management Discussion and Analysis BUSINESS REVIEW TsitWing International Holdings Limited(the“Company”),together with its subsidiaries(collectively, the “Group”), is a leading integratedbusiness-to-businesscoffee and black teasolutionsprovider in Hong Kong,Macau andMainlandChina providing one-stop coffee andteasolutions to commercial customers thatcoverthe entire coffee and tea procurement,processing and distribution value chain. 20246 30349.420236 30359.410.02.8%20236 3032.3%202463035.7% Forthe six months ended 30 June 2024,theGrouprecorded a total revenue of HK$349.4million,representing a decrease of HK$10.0million, or 2.8%, from HK$359.4 million for thesixmonths ended 30 June 2023,which wasmainlyattributable to the decrease in revenuederived from Mainland China. While gross profitwasmainly impacted by the decrease in rawmaterialcosts for the coffee products,grossprofit margin increased from 32.3% for the sixmonths ended 30 June 2023 to 35.7% for thesix months ended 30 June 2024. Management Discussion and Analysis (continued) BUSINESS PROSPECT 2024620239.7%166.6%20242,2002024 The evolving global economic environment haspresented significant challenges for businessesworldwide.According to the statistics of retailsalespublished by the Census and StatisticsDepartmentof Hong Kong,the value of totalretailsales in June 2024 in Hong Kongdecreasedby 9.7%compared with the samemonthin 2023,and dropped 6.6%YOY fromJanuaryto June.Further,it is estimated thataround 2,200 restaurants closed in the first halfof 2024 (Source: Openrice) and more restaurantclosures are expected in the remaining half of2024. The slumping retail market combined withthe notable rising rate of restaurant closures hase x p o s e dt h e G r o u p t o f u r t h e r m a r k e tuncertainties. Inresponse to these market complexities,theGrouprecognises the critical importance ofrobustcash flow and risk management.Specifically, the Group will closely monitor therecoverabilityof accounts receivable and takeproactive measures as necessary. By remainingvigilant and continuously reviewing its businessstrategies,the Group is committed tomaintaining sustainable business growth throughprudent management and the implementation ofeffective cost-saving measures. H a v i n gs u c c e s s f u l l y n a v i g a t e d t h r o u g hchallengingbusiness environments in the pastdue to sound management practices, the Groupis confident in its ability to continue to adapt todynamicmarket conditions while safeguardingthe interest of its shareholders and investors. Management Discussion and Analysis (continued) FINANCIAL REVIEW Revenue TheGroup’s revenue decreased by HK$10.0million, or 2.8%, from HK$359.4 million for thesix months ended 30 June 2023 to HK$349.4million for the six months ended 30 June 2024.The decrease was primarily due to the decreaseinrevenue derived f