太兴集团二零二四年中期报告

CONTENTS Corporate Information2Financial Highlights4Management Discussion and Analysis7Independent Review Report23Interim Condensed Consolidated Statementof Profit or Loss25Interim Condensed Consolidated Statementof Comprehensive Income26 Interim Condensed Consolidated Statementof Financial Position27Interim Condensed Consolidated Statementof Changes in Equity29Interim Condensed Consolidated Statementof Cash Flows30Notes to Interim Financial Information32Other Information51Glossary59 CORPORATE INFORMATION BOARD OF DIRECTORS Executive DirectorsMr. Chan Wing On(Chairman)Mr. Yuen Chi MingMs. Chan Shuk Fong Non-Executive DirectorMr. Ho Ping Kee Independent Non-Executive Directors Mr. Mak Ping Leung (alias: Mak Wah Cheung)Mr. Wong Shiu Hoi PeterDr. Sat Chui Wan AUDIT COMMITTEE Dr. Sat Chui Wan(Chairman)Mr. Mak Ping Leung (alias: Mak Wah Cheung)Mr. Wong Shiu Hoi Peter REMUNERATION COMMITTEE Mr. Mak Ping Leung (alias: Mak Wah Cheung)(Chairman)Mr. Chan Wing OnMs. Chan Shuk FongMr. Wong Shiu Hoi PeterDr. Sat Chui Wan NOMINATION COMMITTEE Mr. Chan Wing On(Chairman)Ms. Chan Shuk FongMr. Mak Ping Leung (alias: Mak Wah Cheung)Mr. Wong Shiu Hoi PeterDr. Sat Chui Wan COMPANY SECRETARYMr. Chau Ching Hang AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 97927 CORPORATE INFORMATION LEGAL ADVISERSAs to Hong Kong law:Deacons As to Cayman Islands law:Conyers Dill & Pearman PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedHang Seng Bank LimitedThe Hongkong and Shanghai Banking Corporation Limited REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 13/F, Chinachem Exchange Square1 Hoi Wan StreetQuarry BayHong Kong 113 PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong STOCK CODE6811 6811 WEBSITEwww.taihing.com www.taihing.com FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Note: 20921011 The Group has 209 self-operated restaurants (as at 31 December 2023:210) and 1 restaurant operated by its franchisee (as at 31 December 2023:1). FINANCIAL HIGHLIGHTS MANAGEMENT DISCUSSION AND ANALYSIS OVERALL PERFORMANCE The Board of the Company announces the interim results ofthe Tai Hing Group for the six months ended 30 June 2024,together with the comparative figures for the correspondingperiod of 2023. Together with growing uncertainties in the externalenvironment, Hong Kong’s economic recovery has beenweaker than expected. At the same time, labour shortagesand the continuous increase of various costs, as well ascustomers’ preference for value-for-money dining experience,have undoubtedly added to the challenges of the businessenvironment for the catering industry. App2.8%1,612.51,568.2 The slow recovery of the economy and the travel industry,as well as the northbound spending trend and the shiftin consumption habits of local residents, resulted in theGroup’s revenue growth being restrained. Nonetheless, theGroup forged ahead with a prudent management approach,implemented a series of stringent cost management measureswhile making timely menu adjustments, elevating the brandimage of the restaurants, consolidating the restaurant networkand utilising the mobile application “Tai Hing Group App”,which demonstrated its resilience and agility in such anoperating environment. The Group still recorded a moderateincrease in revenue of 2.8% to approximately HK$1,612.5million (1H2023: HK$1,568.2 million). 1,188.21,153.073.7%73.5%10.745.31.074.51 The Group’s gross profit was approximately HK$1,188.2million (1H2023: HK$1,153.0 million), and the gross profitmargin was 73.7% (1H2023: 73.5%), which showed that theGroup’s measures were effective in optimising its product mixand supply chain management. However, during the ReviewPeriod, rising labour and rental costs put pressure on the localcatering industry, coupled with the consumption downgradein Chinese Mainland and the continued contraction of itscatering market led the Group to reallocate its resources andimplement integration strategies for brands and offices inrelevant cities, which led to an increase in the Group’s closure-related expenses and impairment provisions for restaurantassets during the first half of the year as compared with thecorresponding period last year. All of the aforesaid factorscreated some challenges on the Group’s profitability. TheGroup’s profit attributable to owners of the