岁宝百货2023年报

() C O N T E N T S 2CORPORATE PROFILE3FINANCIAL HIGHLIGHTS5CHAIRMAN’S STATEMENT7MANAGEMENT DISCUSSION AND ANALYSIS16DIRECTORS AND SENIOR MANAGEMENT19DIRECTORS’ REPORT32CORPORATE GOVERNANCE REPORT47INDEPENDENT AUDITOR’S REPORT58CONSOLIDATED INCOME STATEMENT59CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME60CONSOLIDATED BALANCE SHEET62CONSOLIDATED STATEMENT OF CHANGES IN EQUITY64CONSOLIDATED STATEMENT OF CASH FLOWS66NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS206CORPORATE INFORMATION CORPORATE PROFILE Shirble Department Store Holdings (China) Limited (the“Company”) was incorporated in the Cayman Islands withlimited liability on 5 November 2008. The Company andits subsidiaries (collectively, the “Group”) are principallyengaged in the operation of department stores andcommunity shopping malls in the People’s Republic ofChina (the “PRC”). 2008115 The Group is one of the long established Shenzhen-baseddepartment store chains. Targeting the mid-marketsegment, it runs its department stores under the “”and “Shirble Plaza” brands. As at 31 December 2023, theGroup operated and/or managed 14 department stores, 9of which are located in Shenzhen, three in Shanwei, onein Meizhou City and one in Changsha, with a total grossfloor area (“GFA”) of approximately 242,842 sq.m, of which38.0% are the self-owned properties. 20231231149242,84238.0% FINANCIAL HIGHLIGHTS OPERATING RESULTS RevenueOperating profit/(loss)Loss before income taxLoss for the year FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT During the year ended 31 December 2023, the businessoperations and financial performance of the Groupcontinued facing challenges even though the pandemiccontrol and prevention measures have been cancelled inChina from the end of 2022. 202312312022 2023126,058.24.6%20223.0%2023120.3%20231.8%20237.2%20222.0% According to the National Bureau of Statistics of China(“NBS”), the total gross domestic product (“GDP”) of Chinain 2023 amounted to RMB126,058.2 trillion, representinga year-on-year increase of 4.6% and the growth ratewas slightly improved from 3.0% in 2022. The nationalconsumer price index (“CPI”) in December 2023 was0.3% lower year-on-year, and CPI in 2023 decreased by1.8% year-on-year. The amount of the total retail sales ofconsumer goods in 2023 in China increased 7.2% year-on-year, as compared to the decrease of 2.0% in 2022. In the first half of 2023, there was significant downwardpressure on the global economy, and China’s overallexternal market demand also experienced a slow down.The impact of the pandemic in China was reducingsignificantly, but due to the slowdown in the impact on thesupply side, the demand pressure has come up gradually.The level of consumption has rebounded, and investmentin infrastructure and manufacturing has grown. Enteringinto the second half of 2023, the momentum of economicrecovery has slowed down due to the weak internalimpetus and insufficient demand. The real estate market inChina is still in the bottoming stage with high uncertainty.The level of consumption maintains a moderate recovery,with consumer confidence and spending power expectedto be further improved. 20232023 CHAIRMAN’S STATEMENT BUSINESS REVIEW During the year ended 31 December 2023, the Groupr e c o r d e d t h e r e v e n u e o f R M B 1 9 0 . 7 m i l l i o n ( 2 0 2 2 :R M B 1 9 1 . 6 m i l l i o n ) . L o s s a t t r i b u t a b l e t o o w n e r s o fthe Company amounted to RMB341.0 million (2022:RMB556.1 million). The Group continues to operate a one-stop shopping mall concept to meet the demand of themiddle class population in the PRC for high-quality food,merchandise and services. 20231231190.72022191.6341.02022556.1 Furthermore, online platforms and membership loyalprograms are shaping the retail industry crucially for theconsumers seeking goods and services in online channelsand bulk purchases become a habit after pandemic. TheGroup utilised different online platforms to promote andstimulate consumers’ enthusiasm and continue to providequality goods and services to increase the customerpatronage and enhance the shopping experience to attractand retain new customers. As of 31 December 2023, the Group operated and/ormanaged 14 department stores with a total gross floor areaof 242,841.9 sq.m., of which 38.0% are the self-ownedproperties. 2023123114242,841.938.0% With the economic downside risk relating to the highlyleveraged real estate sector, the Group has reduced theproperty investments and implemented proactive measuresto mitigate the negative impact and to strengthen businessresilience and enhance customer engagement on the retailbusiness. BUSINESS OUTLOOK In early 2024, China has vowed to strengthen certainmonetary and fiscal policy expansionary to support growthrecovery and to rebuild market sentiments. However, theuncertainty in property sectors and ongoing deflationarypressures in China may have impact on the generalconsumer spending, and the physical department storebusiness will inevitably c