捷荣国际控股2024年年报

CONTENTS目錄 In this Annual Report, unless the context otherwise requires,the following expressions shall have the following meanings. Definitions (continued)釋 義（續） ordinary share(s) in the capital of our Company with a par value of HK$0.10 each0.10 Inthis Annual Report,the terms“associate”,“connectedperson”,“connected transaction”,“controlling shareholder”,“subsidiary”and“substantial shareholder”shall have themeanings given to such terms in the Listing Rules, unless thecontext otherwise requires. 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 As at 6 March 202520253 6 BOARD OF DIRECTORSExecutive Directors Mr. Wong Tat Tong(Chairman)Ms. Fan Yee ManMr. Kam Chun Pong Bernard Timothy John Collins Non-Executive DirectorsMr. Timothy John CollinsMr. Lee Tak Wah 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 ENTITYAUDITORErnst & Young Corporate Information (continued)公 司 資 料（續） As at 6 March 202520253 6 PRINCIPAL BANKSBank 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 Dear Shareholders, 202412 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 2024. 20241.903.2068%(i)(ii)(iii)(iv)30% Duringthe last year,the Group faced unprecedentedchallengesas the global coffee commodity prices reachedhistoric highs. There was a drastic rise in the price of coffeebeansfrom US$1.90 per lb to US$3.20 per lb from thebeginningto the end of 2024,representing an increase ofapproximately 68%. The Group’s assessment indicated that thisvolatility was primarily driven by four key factors: (i) supply anddemand dynamics; (ii) adverse weather conditions; (iii) currencyfluctuations;and(iv)market speculation.Most significantly,severe drought conditions in Brazil severely impacted the globalcoffeesupply chain.As Brazil accounted for approximately30%of global Arabica bean production and represents asubstantialportion of the Group’s coffee bean sourcing,thereduced harvest had a direct impact on its raw material costs.Thedrought-induced supply constraints from this keyproducingregion created unprecedented pressure on globalcoffee commodity prices. 68%20242.2% TheGroup demonstrated remarkable resilience in thischallenging environment. Through strategic fixation of forwardcontract to lock pricing and relying on the Group’s extensiveindustryexpertise,the substantial impact of rising costs incoffeebeans was successfully mitigated.Despite anapproximately 68% cost increase in coffee beans, the Group’soverallgross profit for 2024 remained constant with slightincreaseby 2.2%,reflecting its effective cost managementcapabilities. SAP The Group implemented comprehensive measures to enhanceoperationalefficiency and maintain competitiveness.Our keyinitiativesencompassed a strategic restructuring of PRCoperationsto optimise human resources,alongside thesuccessful completion of our SAP system upgrade which hasyieldedmeasurable cost savings.These initiatives havepositionedthe Group favourably against market headwindswhile maintaining our commitment to product quality. Chairman’s Statem