太兴集团二零二四年年报

CONTENTS 2471126375781Consolidated Statement of Profit or Loss88Consolidated Statement ofComprehensive Income89Consolidated Statement of Financial Position90Consolidated Statement of Changes in Equity92Consolidated Statement of Cash Flows93Notes to Financial Statements96Five-Year Financial Summary197Glossary198 Corporate InformationFinancial HighlightsChairman’s StatementManagement Discussion and AnalysisBiographical Details of Directors andSenior ManagementDirectors’ ReportCorporate Governance ReportIndependent Auditor’s Report CORPORATE INFORMATION BOARD OF DIRECTORSExecutive DirectorsMr. Chan Wing On(Chairman)Mr. Yuen Chi MingMs. Chan Shuk Fong Non-Executive DirectorMr. Ho Ping Kee Independent Non-Executive DirectorsMr. Mak Ping Leung (alias: Mak Wah Cheung)Mr. Wong Shiu Hoi PeterDr. Sat Chui Wan AUDIT COMMITTEEDr. 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 Conyers Dill & Pearman PRINCIPAL BANKERSBank 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 6811 STOCK CODE6811 WEBSITEwww.taihing.com www.taihing.com FINANCIAL HIGHLIGHTS Notes: 1.2.503.507.503.502.5012.5010.40 1.Final dividend of HK2.50 cents per share (2023: HK3.50 centsper share) and special dividend of HK7.50 cents per share (2023:HK3.50 cents per share) were proposed. Together with the interimdividend of HK2.50 cents per share already paid, proposed totaldividend per share for the year ended 31 December 2024 willamount to HK12.50 cents (2023: HK10.40 cents per share). 2.The Group has 210 self-operated restaurants (as at 31 December2023: 210) and 1 restaurant operated by its franchisee (as at 31December 2023: 1). 2.21021011 FINANCIAL H I G H L I G H TS 21021011 FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the Board of the Company, I present to youthe annual results of Tai Hing Group for the year ended 31December 2024. MADE A STRATEGIC LAYOUT, INCREASEDINCOME AND REDUCED EXPENDITURE, ANDSECURED STABLE PERFORMANCE 2024 was indeed a year of challenges and opportunities for theGroup. Although Hong Kong’s overall economy experiencedmoderate growth and visitor arrivals to Hong Kong increasedcompared to last year, visitors were more sensitive toprice, resulting in consumption downgrade. In addition,the enthusiasm of Hong Kong residents for northboundconsumption persisted, which exerted the competitive pressureon the catering industry. In Mainland China, with consumptionsentiment weakened, overall performance of the cateringindustry was sluggish and the market environment was riddenwith uncertainties. Against this backdrop, the Group activelydeployed corresponding strategies, including cost control andadjustments to its operations and business model, to overcomedifficult situations and seek new opportunities. During the Review Year, not only did the Group elevate itsexisting brand image, but it also introduced new value-for-money brands and dishes to meet market demand, securingstable revenue growth. Moreover, the Group maintained agross profit margin of over 70% by optimising the productionplan of its central plant, enhancing production efficiency andreducing cost of raw materials. 70% 52.04.87.2%114.8 It is worth noting that our initiatives to reduce costs andincrease profits have showed preliminary results with arebound in the second half of the year. Profit attributable toowners in the second half of 2024 reached HK$52.0 million,representing 4.8 times that of the first half of 2024 and anincrease of 7.2% year-on-year, reflecting the steady businessreco