捷荣国际控股二零二五年中期报告

2Corporate Information5Management Discussion and Analysis16Independent Review Report18Condensed Consolidated Statement of Profit or Loss19Condensed Consolidated Statement ofComprehensive Income20Condensed Consolidated Statement of FinancialPosition22Condensed Consolidated Statement of Changes inEquity24Condensed Consolidated Statement of Cash Flows27Notes to the Condensed Consolidated FinancialStatements56Other Information CONTENTS Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Wong Tat Tong(Chairman)Ms. Fan Yee ManMr. Kam Chun Pong Bernard Non-Executive Directors Mr. Timothy John Collins(resigned with effect from 10 May 2025)Mr. Lee Tak Wah(resigned with effect from 1 April 2025)Ms. Yeung Po Yan (appointed with effect from12 June 2025)Mr. Ho Hung Wai (appointed with effect from12 June 2025) Timothy John Collins202551020254120256122025612 Independent Non-Executive Directors Mr. Tang Kwai ChangMr. Wong Man FaiMr. Lok Kung Chin Hardy BOARD COMMITTEES Audit Committee Mr. Tang Kwai Chang(Chairman)Mr. Wong Man FaiMr. Lok Kung Chin Hardy Nomination Committee 20256122025612 Mr. Wong Tat Tong(Chairman)Ms. Fan Yee Man (appointed with effect from12 June 2025)Mr. Tang Kwai Chang (appointed with effectfrom 12 June 2025)Mr. Wong Man FaiMr. Lok Kung Chin Hardy Corporate Information (continued) Remuneration Committee Mr. Wong Man Fai(Chairman)Mr. Wong Tat TongMr. Tang Kwai Chang COMPANY SECRETARY Ms. Fan Yee Man(HKICPA) AUTHORISED REPRESENTATIVES Ms. Fan Yee ManMr. Kam Chun Pong Bernard REGISTERED PUBLIC INTERESTENTITY AUDITOR Ernst & Young PRINCIPAL BANKS Bank of China (Hong Kong) LimitedHang Seng Bank Limited REGISTERED OFFICE IN BERMUDA Canon’s Court22 Victoria StreetHamilton, HM 12Bermuda Canon’s Court22 Victoria StreetHamilton, HM 12Bermuda HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 15–33111 F–J Flats F–J, 11th Floor, Block 1Kwai Tak Industrial Centre15–33 Kwai Tak StreetKwai ChungNew TerritoriesHong Kong Corporate Information (continued) PRINCIPALSHARE REGISTRAR ANDTRANSFER OFFICE IN BERMUDA Appleby Global Corporate Services(Bermuda) LtdCanon’s Court22 Victoria StreetHamilton, HM 12Bermuda Appleby Global Corporate Services(Bermuda) LtdCanon’s Court22 Victoria StreetHamilton, HM 12Bermuda HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong COMPANY’S WEBSITE www.twcoffee.com www.twcoffee.com STOCK CODE 2119 2119 Management Discussion and Analysis BUSINESS REVIEW TsitWing International Holdings Limited(the“Company”),together with its subsidiaries(collectively,the“Group”),is an integratedbusiness-to-businesscoffee and black teasolutionsprovider in Hong Kong,Macau andMainlandChina providing one-stop coffee andteasolutions to commercial customers thatcoverthe entire coffee and tea procurement,processing and distribution value chain. During the six months ended 30 June 2025 (the“Reporting Period”),the Group continued tooperatein a challenging business environmentc h a r a c t e r i s e db y e s c a l a t i n g c o s t s a n dintensifyingmarket competition,particularly inHongKong.Despite these headwinds,theGroup’srevenue for the Reporting Periodremained broadly stable. The Group recorded atotal revenue of HK$380.4 million, representing aslight increase of HK$31.0 million or 8.9%, fromHK$349.4 million of the corresponding period in2024. 20256 30380.42024349.431.08.9% Management Discussion and Analysis (continued) 24.9202436.111.231.0%202412.435.7%30.5% The Group’s profit attributable to owners of thep a r e n tf o r t h e R e p o r t i n g P e r i o d w a sapproximatelyHK$24.9 million,representing adecreaseof HK$11.2 million,or 31.0%,fromHK$36.1 million recorded for the correspondingperiod in 2024. This decline was largely drivenbytwo key factors.First,the correspondingperiodin 2024 included a one-off gain ofapproximately HK$12.4 million arising from thedisposal of certain assets, which was absent intheReporting Period.Second,the Group’sgrossprofit margin contracted from 35.7%to30.5% as a result of the sustained increase inglobalcoffee bean prices,which exertedpressure on overall profitability. 202420246.7% Excluding the abovementioned one-off disposalgainand People’s Republic of China(“PRC”)withholdingincome tax in respect of dividenddistribution in the corresponding period in 2024,the profit attributable to owners of the parent forthe Reporting Period showed a modest declineofonly 6.7%as compared to that of thecorresponding period in 2024, demonstrating theresilience of the core business of the Group. Management Discussion and Analysis (continued) BUSINESS PROSPECT Looking ahead, the Group will continue to adopta prudent approach in navigating the persistentchallenges. The operating environment in HongKong is expected to remain highly competitiveand subdued in the near term. In contrast, thePRCmarket has exhibited initial signs ofrecovery,with gradual improvements