东方表行集团2025 年报

CORPORATE INFORMATIONCHAIRMAN’S STATEMENT AND MANAGEMENTDISCUSSION AND ANALYSISDIRECTORS AND SENIOR MANAGEMENTCORPORATE GOVERNANCE REPORTENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTDIRECTORS’ REPORTINDEPENDENT AUDITOR’S REPORTCONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF FINANCIAL POSITIONCONSOLIDATED STATEMENT OF CHANGES IN EQUITYCONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFINANCIAL SUMMARYCONTENTS目錄 Annual Report 20253-78-1011-3435-7172-8182-8788-8990-9192-9394-9697-195196 Annual Report 2025CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION ANDANALYSIS主席報告及管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSISGroup ResultsOn behalf of the Board of Directors (the “Board”) of OrientalWatch Holdings Limited (the “Company”) and its subsidiaries(collectively, the “Group”), I hereby present you the auditedconsolidated results of the Group for the year ended 31March 2025 (the “Year”).In 2024, macroeconomic challenges reshaped consumerbehaviour in the luxury market. Rising geopolitical tensionand fluctuating interest rates fuelled market volatility,straining household finances and curbing spending. Asustained property sector slump in major economies erodedhousehold wealth, together with rising unemployment,further heightened financial caution, shifting demand toessentials and reshaping luxury purchasing trends. As aresult, the Group’s performance was adversely impacted,with revenue decreasing by 5.2% year-on-year (“yoy”) toHK$3,450 million (2024: HK$3,639 million). In line withthe decrease in revenue as well as the cost inflation frombrand pricing adjustments, gross profit declined by 5.6%yoy to HK$1,086 million (2024: 1,151 million), with grossprofit margin dropping to 31.5% (2024: 31.6%). Profitattributable to owners of the Company decreased by 20.0%yoy to HK$200 million (2024: HK$250 million), which wasmainly attributable to a one-off impairment charge forimpairment loss for right-of-use assets and property, plantand equipment of HK$25 million and margin pressures fromrising operating costs. Excluding the one-off impairment, theadjusted profit attributable to owners of the Company wouldbe HK$225 million (2024: HK$250 million).In recognition of shareholders’ continued trust, the Boardhas resolved to recommend a final dividend of 4.2 HK centsper share (2024: 5.8 HK cents) and a special dividend of12.5 HK cents per share (2024: 17.2 HK cents) for theyear ended 31 March 2025. This decision underscores theBoard’s confidence in the Group’s resilient business model,long-term strategy, and dedication to shareholder value.管理層討論及分析集團業績5.2%3,450,000,0003,639,000,0005.6%1,086,000,0001,151,000,00031.5%31.6%20.0%200,000,000250,000,00025,000,000225,000,000250,000,0004.25.812.517.2 Oriental Watch Holdings LimitedCHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION ANDANALYSIS主席報告及管理層討論及分析業務回顧411Business ReviewAs at 31 March 2025, the Group operated 41 retail points(including associate retail stores) in the Greater Chinaregion, along with 1 online store in each of Mainland Chinaand Hong Kong respectively. Breakdown of retail points bygeographic region is as follows:As at31 March 2025於二零二五年三月三十一日Hong Kong11Macau2Mainland China26Taiwan2Total41In terms of Mainland China market, GDP growth moderatedfrom 5.3% in Q1 to 4.6% in Q3 2024 but rebounded stronglyto 5.4% yoy in Q4 to achieving the Central Government’sannual target of 5.0%, while in particular, the high-endluxury watches market were affected due to their sensitivityto consumer sentiment, showcasing the volatile marketenvironment in 2024. According to the Federation of theSwiss Watch Industry FH, Swiss watch exports to Chinaexperienced a sharp drop of 25.8% yoy in 2024, highlightingthe industry-wide challenges. Although the China GDPrebounded in Q4 2024 with government stimulus measures,these were insufficient to offset the luxury market’s downturnin the short term. However, despite the aforementionedchallenging market, the Group continued to focus on clientretention and establishing boutique stores to further enhanceservice quality, led to a modest revenue increase of 1.8% toHK$2,617 million (2024: HK$2,571 million) for the Group’sMainland China operation.In Hong Kong, the shifting consumption patterns, strongH o n g K o n g d o l l a r s a n d s l o w t o u r i s m re c o v e r y h a v econtinued to put pressure on the retail market. Accordingto the Hong Kong Census and Statistics Department,total retail sales for 2024 declined by 7.3% yoy in value toapproximately HK$377 billion, a sharp reversal from the16.2% growth in 2023. It is worth noting that the retail salesof jewellery, watches, clocks, and valuable gifts experienceda stronger decline of 14.5% yoy during 2024. Affected bythe market sentiment, revenue of the Group’s Hong Kongoperations decreased by 19.8% to HK$757 million (2024:HK$944 million).5.3%4.6%5.4%5.0%FH25.8%1.8%2,617,000,0002,571,000,0007.3%377,000,000,00016.2%14.5%19.8%757,000,000944,000,