长江制衣2025/2026年度年报

CORPORATE INFORMATION公 司 資 料 Executive DirectorsChan Wing Fui, Peter,MA (Chairman)Chan Suk Man,MSc (Managing Director)Chan Wing To,PhD (Deputy Managing Director)Chan Wing Kee,GBM, GBS, OBE, JPChan Wing Sun, SamuelChan Suk Ling, Shirley,BBS, JP Independent Non-executive DirectorsChoi Ting KiSo Stephen Hon CheungLi Guangming So Stephen Hon Cheung(Chairman)Choi Ting KiLi Guangming Li Guangming(Chairman)Chan Wing Fui, PeterChan Wing KeeChoi Ting KiSo Stephen Hon Cheung Choi Ting Ki(Chairman)Chan Wing Fui, PeterChan Suk ManSo Stephen Hon CheungLi Guangming Chan Wing Fui, Peter(Chairman)Chan Wing KeeChan Suk Man The Hongkong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) Limited CORPORATE INFORMATION公 司 資 料 AUDITORS KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance with theAccounting and Financial Reporting Council Ordinance Hui Sau Ling, FCCA, CPA REGISTERED OFFICE 22 Tai Yau StreetSan Po KongKowloon SHARE REGISTRAR AND TRANSFER OFFICE 1712 – 1716 Computershare Hong Kong Investor Services LimitedShops 1712 – 171617th Floor, Hopewell CentreHong Kong WEBSITE www.ygm.com.hkwww.ygm.com.hk CHAIRMAN’S STATEMENT主 席 報 告 GROUP RESULTS 1 9 1 , 7 6 6 , 0 0 0186,431,00097,708,00059,878,000 Revenueof the Group for the year 2025/26 under review wasHK$191,766,000 (2024/25: HK$186,431,000) and the overall result wasa loss of HK$97,708,000 (2024/25: a loss of HK$59,878,000). BUSINESS REVIEW AND PROSPECTS 3 %191,766,0001,836,000 The year under review continued to present significant challenges for theglobal apparel industry, marked by geopolitical uncertainties, evolvingtrade policies, inflationary pressures, and subdued consumer demandin key markets. Despite these headwinds, the Group demonstratedoperational resilience. Consolidated revenue increased modestly byapproximately 3% to HK$191,766,000. Notably, our core garmentoperations achieved a turnaround, recording an operating profit ofHK$1,836,000 compared to an operating loss in the prior year. Thisreflects our ongoing efforts in cost discipline, supply chain optimization,and focused order execution. 9,047,00049%88,405,000 The Group’s overall results were materially impacted by non-cash items,including a fair value loss on investment properties of HK$9,047,000amid the continued weakness in the Hong Kong property market, as wellas the share of losses from our 49% joint venture in Wuxi No. 1 CottonInvestment Co., Ltd. amounting to HK$88,405,000. These non-cashcharges have not affected the Group’s healthy cash position. OUTLOOK Looking ahead, the operating environment for garment manufacturing isexpected to remain challenging amid modest global economic growth,ongoing tariff uncertainties, and geopolitical tensions. We anticipatefurther non-cash impacts from the Wuxi joint venture and potentialadditional devaluation of our investment properties. Nevertheless, we are cautiously optimistic about our core garmentbusiness. We expect steady and small growth from our existingcustomers. We also anticipate some improvement in gross profit marginas our team continues to focus on better sourcing strategies and othercost optimization measures. Supported by our diversified manufacturingplatform, disciplined cost management, and a strong balance sheet withhealthy cash reserves, the Group is well positioned to navigate near-termuncertainties and pursue sustainable long-term growth. APPRECIATION I would like, on behalf of the Board and shareholders, to express oursincere appreciation to the Company’s employees for their dedication,adaptability, and loyal service throughout this challenging year. We alsoextend our gratitude to our shareholders, customers, suppliers, andbusiness partners for their continued trust and support. By Order of the BoardChan Wing Fui, PeterChairman Hong Kong, 29 June 2026 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 與 分 析 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 與 分 析 RESULTS OF OPERATIONS The Group recorded a consolidated loss of HK$97,708,000 for the yearended 31 March 2026, compared with a loss of HK$59,878,000 in theprevious year. The wider loss was primarily attributable to non-cashitems, notably the fair value loss on investment properties and the shareof losses from the Wuxi joint venture. Excluding these non-cash impacts,the core garment business showed a solid turnaround, achieving anoperating profit of HK$1,836,000 versus an operating loss last year.This improvement was driven by better cost control and selective orderexecution despite a difficult trading environment. 97,708,00059,878,0001,836,000 GARMENT BUSINESS The garment business remains the principal activity of the Group. Weoffer a diverse portfolio of quality apparel products, including men’s andladies’ shirts, trousers, shorts, polo shirts, T-shirts, jackets, and knittedouterwear. Our operations are conducted primarily through YangtzekiangGarment Limited and Hong Kong Knitters Limited, with Hong Kongcon