子不语2024年报

Zibuyu Group Limited A N N U A LR E P O R T2 0 2 4 (Incorporated in the Cayman Islands with limited liability) Stock Code: 2420 About Zibuyu Group Limited子不語集團 Zibuyu Group (2420.hk) was established in 2011 and listed on the mainboard of the Stock Exchange on 11 November 2022. Since our inception,we have been primarily focusing on the sale of a wide range of self-designedapparel, footwear and other products worldwide. We primarily designapparel, footwear and other products, procure products manufactured inaccordance with our design and process from selected OEM suppliers, andsubsequently sell such products to customers globally through acombination of third-party e-commerce platforms and our self-operatedonline stores. Currently, our sales channels include (i) Amazon; (ii) Tiktok; (iii)Temu; (iv) other third-party e-commerce platforms; and (v) our self-operatedonline stores. (ii)Tiktok(iii)Temu(iv)(v) Vision: To become a respectable global fashion brand company Mission: To provide global consumers satisfactory fashion products andservices in a timely and convenient manner CONTENTS 2Corporate Information5Financial Highlights6Chairman’s Statement9Management Discussion and Analysis28Directors and Senior Management43Directors’ Report81Corporate Governance Report111Environmental, Social and Governance Report168Independent Auditor’s Report177Consolidated Statement of Comprehensive Income178Consolidated Statement of Financial Position180Consolidated Statement of Changes in Equity181Consolidated Statement of Cash Flows183Notes to the Consolidated Financial Statements291Definitions CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Hua Bingru(Chairman)*Mr. Chen Caixiong(Chief executive officer)**Mr. Wang WeipingMr. Dong Zhenguo 20243272024829 *re-designated from CEO to Co-CEO on 27 March 2024 andresigned as Co-CEO on 29 August 2024 **appointed as Co-CEO on 27 March 2024 and appointed asexecutive Director and re-designated from Co-CEO to CEOon 29 August 2024 20243272024829 Non-executive Director Ms. Hua Hui(resigned on 27 March 2025)2025327 Independent Non-executive Directors Mr. Yu KefeiMr. Shen TianfengDr. Lau Kin Shing CharlesMs. Luo Yan(appointed on 27 March 2025) 2025327 AUDIT COMMITTEE Mr. Yu Kefei(Chairman)Mr. Shen TianfengDr. Lau Kin Shing CharlesMs. Luo Yan(appointed on 27 March 2025) 2025327 REMUNERATION COMMITTEE Mr. Shen Tianfeng(Chairman)Mr. Yu KefeiDr. Lau Kin Shing CharlesMs. Luo Yan(appointed on 27 March 2025) 2025327 NOMINATION COMMITTEE Ms. Luo Yan(Chairlady)(appointed on 27 March 2025)Mr. Hua BingruMr. Yu KefeiMr. Shen TianfengDr. Lau Kin Shing Charles 2025327 ESG COMMITTEE Dr. Lau Kin Shing Charles(Chairman)Mr. Yu KefeiMr. Shen TianfengMs. Luo Yan(appointed on 27 March 2025) 2025327 AUTHORIZED REPRESENTATIVES (for the purpose of Rule 3.05 of the Listing Rules)Mr. Hua BingruMs. Yu Anne 3.05 JOINT COMPANY SECRETARIES Ms. Zheng HuanxinMs. Yu Anne PRINCIPAL BANKS Bank of China (Hong Kong) LimitedBank of China Tower1 Garden RoadCentralHong Kong China Merchants Bank Hangzhou Linping Sub-BranchNo. 382, South Main StreetLinping DistrictHangzhou, Zhejiang Provincethe PRC 382 REGISTERED OFFICE IN THE CAYMANISLANDS ICS Corporate Services (Cayman) LimitedPalm Grove Unit 4,265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman lslands ICS Corporate Services (Cayman) LimitedPalm Grove Unit 4, 265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman lslands HEADQUARTERS IN THE PRC Room 410, No. 108, Xincheng RoadNanyuan StreetLinping DistrictHangzhou, Zhejiang Provincethe PRC 108410 CORPORATE INFORMATION PRINCIPAL PLACE OF BUSINESS INHONG KONG 2484040th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentralHong Kong 22 HONG KONG LEGAL ADVISER Jingtian & Gongcheng LLPSuite 3203–3207, Edinburgh TowerThe Landmark15 Queen’s Road CentralCentralHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE ICS Corporate Services (Cayman)LimitedPalm Grove Unit 4, ICS Corporate Services (Cayman)LimitedPalm Grove Unit 4,265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman lslands 265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman lslands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712–171617th Floor, Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong 183171712–1716 STOCK CODE 2420 2420 COMPANY’S WEBSITE www.zbycorp.comwww.zbycorp.com FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the Board of Directors, I would like to expressour most respect and gratitude to all Shareholders. Thelong-term trust and strategic resilience of our Shareholdershave endowed Zibuyu with the courage and wisd