东方表行集团2026 年报

2026Annual Report CONTENTS目錄 3-7 8-1011-3435-9798-107108-113114-115 CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION ANDANALYSIS主席報告及管理層討論及分析 MANAGEMENT DISCUSSION AND ANALYSIS Group Results On behalf of the Board of Directors (the “Board”) of OrientalWatch Holdings Limited (the “Company”) and its subsidiaries(collectively, the “Group”), I hereby present the auditedconsolidated results of the Group for the year ended 31March 2026 (the “Year”). 0.8%3,423,000,0003,450,000,0002.0%1,064,000,0001,086,000,00031.1%31.5%10.0%180,000,000200,000,00020,000,000200,000,000200,000,000 T h e l u x u r y g o o d s m a r k e t i n G re a t e r C h i n a re m a i n e dchallenging throughout the Year. Macroeconomic headwindsand subdued consumer confidence continued to weighon discretionary spending. While certain luxury categoriesdemonstrated resilience, the luxury watch segment facedsustained pressure as consumers increasingly prioritisedexclusivity, practicality and long-term value retention.A b ro a d e r s t r u c t u r a l s h i f t t o w a rd e x p e r i e n c e - b a s e dconsumption, particularly in travel, wellness and lifestylespending, further dampened demand for discretionary luxuryproducts. Against this backdrop, the Group’s performancecontinued to be affected. Revenue decreased by 0.8%year-on-year (“YoY”) to HK$3,423 million (2025: HK$3,450million). Gross profit declined by 2.0% YoY to HK$1,064m i l l i o n ( 2 0 2 5 : H K $ 1 , 0 8 6 m i l l i o n ) , w h i l e g ro s s p ro f i tmargin slightly decreased to 31.1% (2025: 31.5%). Profitattributable to owners of the Company decreased by 10.0%YoY to HK$180 million (2025: HK$200 million). Without theone-off loss of HK$20 million recognised on the disposal of ajoint venture during the Year, the adjusted profit attributableto owners of the Company would be HK$200 million (2025:HK$200 million). CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION ANDANALYSIS主席報告及管理層討論及分析 4.04.212.312.537.141.3100.4%100.4% In recognition of shareholders’ continued trust, the Boardhas resolved to recommend a final dividend of 4.0 HK cents(2025: 4.2 HK cents) per share and a special dividend of12.3 HK cents (2025: 12.5 HK cents) per share for the yearended 31 March 2026. Including the interim dividend andspecial interim dividend, the total dividends for the Yearamount to 37.1 HK cents (2025: 41.3 HK cents) per share,which represents a payout ratio of 100.4% (2025: 100.4%)of the profit attributable to owners of the Company. Thisdecision underscores the Board’s confidence in the Group’sresilient business model, long-term strategy, and dedicationto shareholder value. Business Review 39 The Group is one of the leading retailers of luxury watches inthe Greater China region. As at 31 March 2026, the Groupoperated 39 retail points (including retail stores operatedby the way of associate and joint venture) in the GreaterChina region, along with one online store in each of ChineseMainland and Hong Kong respectively. Breakdown of retailpoints by geographic region is as follows: Hong KongMacauChinese MainlandTaiwan 5.0%4.5%2,735,000,0002,617,000,000 In Chinese Mainland, whilst the economy expanded ata steady pace with GDP growth of 5.0%, meeting thegover nment’s full-year target, domestic consumptionremained weak amid persistent property sector softnessand slower income growth, prolonging the headwinds facingthe luxury market. The Group continued to strengthencollaborations with key brand partners, expand its boutiquenetwork in prime locations and deepen engagement withthe high-growth affluent consumer segment. The Groupalso extended its certified pre-owned watch businessto the Chinese Mainland market to further strengthencustomer engagement and broaden revenue streams. Theseinitiatives drove revenue from the Group’s Chinese Mainlandoperations to HK$2,735 million (2025: HK$2,617 million),representing a 4.5% YoY increase. CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION ANDANALYSIS主席報告及管理層討論及分析 FH6.5%24.0%11.1%673,000,000757,000,000 I n H o n g K o n g , d e s p i t e a m o d e s t re c o v e r y i n o v e r a l lretail sales in 2025, the luxury segment continued tounderperform. A key structural challenge was the persistento u t b o u n dc o n s u m p t i o n t r e n d ,w i t h l o c a l r e s i d e n t sincreasingly directing discretionary spending overseas,undermining local luxury demand. This was also reflectedon the supply side, with Swiss watch exports to Hong Kongin 2025 declining 6.5% as compared to the previous year,and by approximately 24.0% against 2023 levels accordingto the Federation of the Swiss Watch Industry FH, signallingdiminishing supplier confidence in the local market. As aresult, revenue from the Group’s Hong Kong operationsdecreased by approximately 11.1% YoY to HK$673 million(2025: HK$757 million). 6.5%201,000,00026.4%26.5% The Group maintained strong financial discipline witha c o n t i n u e d f o c u s o n o p t i m i s i n g i t s c o s t s t r u c t u re ,pa