周生生2024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 RocksonMs. PI Fang 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 Adviser Woo Kwan Lee & Lo 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 LimitedBank of China (Hong Kong) LimitedIndustrial and Commercial Bank of China LimitedHang Seng Bank 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 Directors28Environmental, Social and Governance Report66Corporate Governance Report 81Independent Auditor’s Report89Consolidated Statement of Profit or Loss91Consolidated Statement of Comprehensive Income92Consolidated Statement of Financial Position94Consolidated Statement of Changes in Equity96Consolidated Statement of Cash Flows98Notes to the Consolidated Financial Statements210Particulars of Properties Held215Definitions In2024,spending on jewellery in Mainland China,Hong Kong andMacau retreated as macroeconomic conditions coupled with sky-highgold price dampened consumer sentiment. The Group recorded a 15%decline in turnover and profit attributable to owners of the Companyretreated by 20% to HK$806 million. 202415%20%8.06 We have formulated a three-prong strategy to meet the challenge of thereduction in sales volume: ••• •cultivate the high-end segment to increase profitability•focus our product portfolio to target specific segments•forge ahead with omni-channel retailing which ties together onlineand offline sales channels for optimal customer experience We are continuing the upgrade of our network of physical stores inMainland China. A number of department stores and shopping mallsthat were opened just before the Covid years have not been performingup to expectation and we are pulling out our stores from them. We arealso withdrawing from some third and fourth-tier cities in which wehave a single under-performing store. At the same time, we continue toseek venues for high-end and themed stores. We have been leveraging on artificial intelligence (AI) to improve ouroperationalefficiency.Chatbots are assisting our store and back-officeworkflows;robots with machine vision as well as AI modelsare facilitating our logistic operations and enhancing product qualityassurance.As part of the implementation of the above-mentionedsegmentation strategy, our supply and store-stock allocation processesare being optimised with AI models. 1.5°C(SBTi) Sustainabilityis a core value for us.We have committed to carbonreductionand set a target with 1.5°C alignment which has beenaccepted by the Science Based Targets initiative (SBTi). We believe weare the first jewellery company in Greater China to have done so. I would like to extend my heartfelt thanks to our staff, shareholders,suppliers, and other stakeholders for their unwavering support and trust. Vincent CHOW Wing ShingChairman Hong Kong Dr.CHAN Bing Fun,MB,BS,DMRT,aged 91,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 9150 Mr. Vincent CHOW Wing Shing, SBS, BBS, MBE, JP, aged 78, 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