Dongfang Watch Company Limited released its annual report for the year ended March 31, 2024. The report shows that the company's revenue was HKD 3.639 billion, down 1.8% year-on-year; gross profit was HKD 1.151 billion, down 3.2%; the profit attributable to shareholders was HKD 0.25 billion, down 15.3%. The company proposed a final dividend of 5.8 Hong Kong cents per share and a special dividend of 17.2 Hong Kong cents per share. Regarding the market situation, the economic recovery in the Greater China region is slow, retail sales performance is stagnant, and consumers have a conservative attitude towards luxury watches. In terms of business operations, the company has 44 retail points in the Greater China region, including online stores, among which mainland China is the main source of...Show More

Dongfang Watch Company Limited released its annual report for the year ended March 31, 2024. The report shows that the company's revenue was HKD 3.639 billion, down 1.8% year-on-year; gross profit was HKD 1.151 billion, down 3.2%; the profit attributable to shareholders was HKD 0.25 billion, down 15.3%. The company proposed a final dividend of 5.8 Hong Kong cents per share and a special dividend of 17.2 Hong Kong cents per share. Regarding the market situation, the economic recovery in the Greater China region is slow, retail sales performance is stagnant, and consumers have a conservative attitude towards luxury watches. In terms of business operations, the company has 44 retail points in the Greater China region, including online stores, among which mainland China is the main source of income. In the Hong Kong market, sales decreased by 6.3% to HKD 0.944 billion, and the change in tourist behavior affected traditional shopping. In terms of cost management, the company focuses on rent negotiations and inventory control, and overall leasing-related expenses decreased by 5.6%. Looking to the future, the luxury watch industry is expected to continue to face challenges, with Swiss watch exports to mainland China and Hong Kong down sharply in the first quarter of 2024. In terms of financial position, the company's total equity is HKD 1.796 billion, and net current assets are HKD 1.208 billion, including HKD 0.899 billion of bank and cash balances, no bank loans, and a zero capital structure ratio. In terms of human resources, the company has about 596 employees, of which 62% are in mainland China. Employee compensation includes wages, commissions, bonuses, medical insurance, and welfare, and training programs have been implemented for employees and senior management. The executive directors include Chairman and Managing Director Mr. Yang Jinkai and Executive Director Ms. Yang Minyi.