YGM TRADING年报2024/2025

1Corporate Information 目錄Contents 2Five Year Financial Highlights 3Chairman’s Statement 5Management Discussion and Analysis 11Corporate Governance Report 22Directors’ Report 30Directors and Management 34Independent Auditor’s Report 42Consolidated Statement of Profit or Loss 43Consolidated Statement of Profit or Loss andOther Comprehensive Income 44Consolidated Statement of Financial Position 45Consolidated Statement of Changes in Equity 46Consolidated Cash Flow Statement 47Notes to the Consolidated Financial Statements 112Principal Subsidiaries 公 司 資 料Corporate Information Board of Directors Executive DirectorsChan Wing Sun, Samuel(Chairman)Chan Suk Ling, ShirleyBBS JP(Vice Chairman)Fu Sing Yam, William(Chief Executive Officer)Chan Wing Fui, PeterMAChan Wing KeeGBM, GBS, OBE, JP Independent Non-executive DirectorsChoi Ting KiSo Stephen Hon CheungLi Guangming Audit CommitteeSo Stephen Hon Cheung(Chairman)Choi Ting KiLi Guangming Remuneration Committee Li Guangming(Chairman)Chan Wing Fui, PeterChan Wing Sun, SamuelChoi Ting KiSo Stephen Hon Cheung Nomination CommitteeChoi Ting Ki(Chairman)Chan Wing Fui, PeterChan Wing Sun, SamuelSo Stephen Hon CheungLi Guangming Risk Management CommitteeChan Wing Sun, Samuel(Chairman)Chan Suk Ling, ShirleyFu Sing Yam, William Principal BankersThe Hongkong and Shanghai Banking Corporation Limited Solicitors (as to Hong Kong law)Loeb & Loeb LLP AuditorsKPMGPublic Interest Entity Auditor registered in accordance with the FinancialReporting Council Ordinance Company SecretaryKwok Ying TungFCPA, FCCA, FCA, ACG, HKACG(PE) Registered Office and Principal Place of Business22 Tai Yau Street, San Po Kong, Kowloon, Hong Kong 1712-1716 Share Registrar and Transfer OfficeComputershare Hong Kong Investor Services LimitedShops 1712-1716, 17th Floor, Hopewell Centre, Hong Kong www.ygmtrading.com Websitewww.ygmtrading.com 五 年 財 務 摘 要Five Year Financial Highlights ()(Expressed in Hong Kong dollars) 主 席 報 告Chairman’s Statement Group Results Despite initial optimism for a recovery in the Hong Kong consumermarket, the anticipated rebound has not materialised. Instead, themarket experienced another slowdown, presenting further challenges forbusinesses in the region. The Group has taken decisive steps to address these difficulties,including the termination of its loss-making retail operations in MainlandChina. This strategic move allows the Group to focus solely on its HongKong retail operations. Additionally, significant cost-cutting measureshave been implemented, resulting in a notable reduction in operationallosses. For the current year, the Group reported a loss. However, it is importantto note that this figure is primarily attributed to non-cash write-downprovisions related to asset valuations. These accounting adjustments donot involve any cash flow impacts. Notwithstanding these challenges, the Group maintains a strong financialposition with no outstanding borrowings. This stability provides a solidfoundation for navigating the current market conditions and pursuingfuture growth opportunities. The Group remains committed to adaptingto the evolving market landscape and delivering long-term value to itsstakeholders. Ashworth Ashworth Our Hong Kong retail operations have experienced a noticeableslowdown in sales. This shift in market dynamics has prompted theGroup to adopt a more cautious approach in managing its retail footprint.A key focus has been placed on negotiating shop leases strategically toensure that each location contributes effectively to covering the Groupoverheads. Guy Laroche Guy Laroche Our esteemed French heritage label has maintained satisfactoryperformance this year. While the current year’s profit reflects a slightdecline compared to the previous year, this outcome is primarilyattributed to increased investment in promotional activities. These effortsare part of our strategic focus on enhancing brand visibility and long-term growth. J.Lindeberg J.Lindeberg The Group serves as the official distributor of this brand in both HongKong and Macau. We are pleased to report that this operation has madea positive contribution to the Group’s overall overheads, reflecting itssuccessful performance and alignment with our strategic objectives. Printing In spite of the increasing shift towards a paperless environment and theadvancements of the digital age, we are pleased to announce that thissubsidiary has successfully returned to profitability, driven by effectivemanagement strategies. The printing operations are conducted withina facility owned by the Group, for which internal rent is duly paid. Thisdemonstrates not only a commitment to operational efficiency but alsoan ability to adapt and thrive in a challenging market landscape. Property Our United Kingdom property is currently fully occupied, and we are inthe process of negotiating an upward rent adjustment as part of a leaserenewal. We are committed to maintaining positive tena