卡撒天娇2025年年报

CASABLANCA GROUP LIMITED (INCORPORATED IN THE CAYMAN ISLANDS WITH LIMITED LIABILITY) STOCK CODE About CasablancaAbout Casablanca關於卡撒天嬌 Contents Corporate Information2Our Distribution Network4Financial Highlights6Chairman’s Statement8Management Discussion and Analysis10Directors and Senior Management30Report of the Directors34Corporate Governance Report55Independent Auditor’s Report79Consolidated Statement of Profit or Loss andOther Comprehensive Income86Consolidated Statement of Financial Position87Consolidated Statement of Changes inEquity89Consolidated Statement of Cash Flows91Notes to the Consolidated FinancialStatements93Financial Summary168 Casablanca Group since its establishment in 1993in Hong Kong, primarily engages in designing,manufacturing, distribution and retailing ofbedding products with a focus on the high-endand premium markets under its proprietary “CasaCalvin”, “Casablanca” and “CASA-V” brands. TheGroup's products include three main categories: bedlinens, duvets and pillows, and home accessories.The Group is one of the leading branded beddingproducts companies in the PRC and Hong Kong. 1993·CASA-V The English text of this annual report shall prevailover the Chinese text in case of inconsistencies ordiscrepancies. The English name with * is translated from Chinesefor identification purpose only. * CORPORATE INFORMATION公司資料 2223 STOCK CODE2223 BOARD OF DIRECTORSEXECUTIVE DIRECTORS Mr. Cheng Sze Kin(Chairman)Mr. Cheng Sze Tsan(Vice-chairman and Chief Executive Officer)Ms. Wong Pik Hung INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Lo Siu LeungDr. Cheung Wah KeungMr. Chow On Wa COMMITTEESAUDIT COMMITTEE Mr. Lo Siu Leung(Chairman)Dr. Cheung Wah KeungMr. Chow On Wa REMUNERATION COMMITTEE Dr. Cheung Wah Keung(Chairman)Mr. Lo Siu LeungMr. Chow On Wa NOMINATION COMMITTEE Mr. Cheng Sze Kin(Chairman)Mr. Lo Siu LeungDr. Cheung Wah KeungMr. Chow On Wa INVESTMENT COMMITTEE Mr. Cheng Sze Kin(Chairman)Mr. Cheng Sze TsanMr. Chow On Wa COMPANY SECRETARYMr. Ho Yiu Leung AUTHORISED REPRESENTATIVES Ms. Wong Pik HungMr. Ho Yiu Leung REGISTERED OFFICE PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS 9-135 5/F Yan Hing Centre9-13 Wong Chuk Yeung StreetFotan, New TerritoriesHong Kong AUDITOR 385135 CHENG & CHENG LIMITED,Certified Public AccountantsLevel 35, Tower 1, Enterprise Square Five,38 Wang Chiu Road, Kowloon Bay, Kowloon.,Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands HONG KONG BRANCH SHARE REGISTRAR AND TRANSFEROFFICE 3382333301-04 Union Registrars LimitedSuites 3301-04, 33/F,Two Chinachem Exchange Square,338 King’s Road,North Point, Hong Kong PRINCIPAL BANKERS Standard Chartered Bank (Hong Kong) LimitedStandard Chartered Bank (China) LimitedBank of China (Hong Kong) LimitedBank of China Limited COMPANY WEBSITE www.casablanca.com.hk www.casablanca.com.hk OUR DISTRIBUTION NETWORK銷售網絡 POS(1)in 36 cities in the Greater China Region(2)(1)(2)36 concession countersmost in wellknown department stores self-operated POSmost in Hong Kong andsouthern district of Mainland China(3)(3) FINANCIAL HIGHLIGHTS財務摘要 CHAIRMAN’S STATEMENT主席報告 20251231 I am pleased to present to shareholders of Casablanca Group Limited (the“Company”) (the “Shareholders”) the annual report of the Company and itssubsidiaries (together the “Group”) for the year ended 31 December 2025(the “Year” or the “Review Period”). 202520252025 The retail market in the Greater China Region remained challenging in 2025.The retail industry in Mainland China continued to undergo a profoundstructural adjustment, with leading enterprises seeking to optimise theiroverall asset allocation through the closure of underperforming stores.According to market data, a number of department stores and shoppingcentres nationwide announced closures or suspension of operations in2025, including branches of some well-known department stores. Theindustry adjustment was mainly driven by the development of onlineand livestream sales channels, relatively subdued consumer sentiment,persistently high operating costs, and ongoing operational pressures. InHong Kong, the continued trend of residents travelling to Mainland Chinaand overseas for leisure and holiday spending, coupled with a cautiousconsumption atmosphere, resulted in the closure of a number of well-known restaurants, department store branches and retail chain outletsduring 2025, reflecting the continued challenges faced by the retail market. 2025236.320244.4%12.220249.825.0% Amid the above operating environment, the Group recorded sales revenueof approximately HK$236.3 million in 2025, representing a decrease ofabout 4.4% as com