Hengdeli : 2020 INTERIM RESULTS

August 18, 2020 at 06:06 am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

HENGDELI HOLDINGS LIMITED

亨得利控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3389)

2020 INTERIM RESULTS

FINANCIAL HIGHLIGHTS
	For the six months ended 30 June
	2020	2019	YoY change
	RMB'000	RMB'000
	(Unaudited)	(Unaudited)	(%)
Revenue	651,831	1,361,170	-52.1
Gross profit margin	12.5%	18.5%	-600 bps
(Loss)/profit for the period	(71,317)	33,414	-313.4
(Loss)/profit attributable to equity shareholders	(70,961)
of the Company	29,925	-337.1

INTERIM RESULTS

The board of directors ("the Board") of Hengdeli Holdings Limited ("the Company") is pleased to present the unaudited consolidated interim results of the Company and its subsidiaries ("the Group") for the six months ended 30 June 2020, along with the comparative figures and selected explanatory notes, which are prepared in accordance with the Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, and have been reviewed by the Audit Committee of the Company.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2020 - unaudited (Expressed in Renminbi)

		Six months ended 30 June
		2020			2019
	Note	RMB'000	RMB'000
Revenue	2	651,831		1,361,170
Cost of sales		(570,054)	(1,108,837)

Gross profit		81,777		252,333
Other revenue	3(a)	23,884		20,656
Other net loss	3(b)	(13,657)	(4,477)
Distribution costs		(78,995)	(139,596)
Administrative expenses		(81,193)	(78,369)

(Loss)/profit from operations		(68,184)	50,547
Finance costs	4(a)	(4,944)	(5,320)

(Loss)/profit before taxation	4	(73,128)	45,227
Income tax	5	1,811		(11,813)

(Loss)/profit for the period		(71,317)	33,414
Attributable to:


Equity shareholders of the Company		(70,961)	29,925
Non-controlling interests		(356)	3,489

(Loss)/profit for the period		(71,317)	33,414
(Loss)/earnings per share	6


Basic		RMB(0.015)	RMB0.006


Diluted		RMB(0.015)	RMB0.006

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2020 - unaudited (Expressed in Renminbi)

		Six months ended 30 June
		2020		2019
	Note	RMB'000	RMB'000
(Loss)/profit for the period		(71,317)	33,414
Other comprehensive income for the period
(after tax and reclassification adjustments)
Item that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of overseas
subsidiaries' financial statements		41,177		2,123

		41,177		2,123
Items that will not be reclassified subsequently
to profit or loss:
Equity investments at fair value through other
comprehensive income - net movement in
fair value reserve (non-recycling)	8	62,391		4,858
Exchange differences on translation of equity
investments at fair value through other
comprehensive income	8	4,847		1,974
Exchange differences on translation of the
Company's financial statements		16,007		3,655

		83,245		10,487

Total comprehensive income for the period		53,105		46,024
Attributable to:


Equity shareholders of the Company		52,719		42,679
Non-controlling interests		386		3,345

Total comprehensive income for the period		53,105		46,024

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2020 - unaudited

(Expressed in Renminbi)

		At 30 June At 31 December
		2020	2019
	Note	RMB'000		RMB'000
Non-current assets
Investment properties		135,897	137,738
Property, plant and equipment	7	506,544	538,087

		642,441	675,825
Intangible assets		1,629	1,724
Goodwill		67,352	66,502
Other investments	8	517,330	400,184
Prepayment and deposits	10	14,840	21,333
Deferred tax assets		40,342	34,003

		1,283,934	1,199,571
Current assets
Inventories	9	1,186,084	1,309,758
Trade and other receivables	10	601,245	416,263
Current tax recoverable		2,232	2,192
Deposits with banks	11	190,916	548,115
Cash and cash equivalents	12	1,186,946	1,165,169

		3,167,423	3,441,497
Current liabilities
Trade and other payables and contract liabilities	13	151,072	221,453
Bank loans	14	63,830	142,094
Lease liabilities		82,302	121,586
Current taxation		13,914	25,816

		311,118	510,949

Net current assets		2,856,305	2,930,548

Total assets less current liabilities		4,140,239	4,130,119

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

At 30 June 2020 - unaudited (Expressed in Renminbi)

		At 30 June At 31 December
		2020	2019
	Note	RMB'000		RMB'000
Non-current liabilities
Bank loans	14	77,077	74,523
Lease liabilities		29,920	72,053
Deferred tax liabilities		2,478	1,956

		109,475	148,532

NET ASSETS		4,030,764	3,981,587
CAPITAL AND RESERVES	15


Share capital		22,337	22,337
Reserves		3,924,953	3,872,278
Total equity attributable to equity shareholders
of the Company		3,947,290	3,894,615
Non-controlling interests		83,474	86,972

TOTAL EQUITY		4,030,764	3,981,587

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 June 2020 - unaudited

(Expressed in Renminbi)

		Six months ended 30 June
		2020			2019
	Note	RMB'000	RMB'000
Operating activities
Cash generated from operations		30,744		131,427
Income tax paid		(15,398)	(5,423)

Net cash generated from operating activities		15,346		126,004
Investing activities
Payment for the purchase of
property, plant and equipment		(29,399)	(29,333)
Decrease in deposits with banks		363,899		259,555
Payment for advances to third parties		(163,509)	(144,539)
Payment for purchase of other investments		(46,900)	(99,765)
Other cash flows arising from investing activities		24,239		10,003

Net cash generated from/(used in) investing activities		148,330		(4,079)
Financing activities
Capital element of lease rentals paid		(72,051)	(53,295)
Interest element of lease rentals paid		(2,355)	(2,581)
Other cash flows arising from financing activities		(82,439)	(53,410)

Net cash used in financing activities		(156,845)	(109,286)

Net increase in cash and cash equivalents		6,831		12,639
Cash and cash equivalents at 1 January	12	1,165,169		1,551,003
Effect of foreign exchange rates changes		14,946		5,629

Cash and cash equivalents at 30 June	12	1,186,946		1,569,271

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT

(Expressed in Renminbi unless otherwise indicated)

1 BASIS OF PREPARATION

This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("the Stock Exchange"), including compliance with Hong Kong Accounting Standard ("HKAS") 34, Interim financial reporting , issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). It was authorised for issue on 18 August 2020.

The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2019 annual financial statements.

The preparation of an interim financial report inconformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities,income and expenses on a year to date basis. Actual results may differ from these estimates.

This interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2019 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs").

The financial information relating to the financial year ended 31 December 2019 that is included in the interim financial report as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Statutory annual consolidated financial statements for the year ended 31 December 2019 are available from the Company's registered office. The auditor had expressed an unqualified opinion on those financial statements in their report dated 5 June 2020.

2 SEGMENT REPORTING

The Group manages its businesses by divisions, which are organised by a mixture of both business lines (products and services) and geography (mainly in Hong Kong and Taiwan/Malaysia). In a manner consistent with the way in which information is reported internally to the Group's most senior executive management for the purpose of resource allocation and performance assessment, and given the importance of retail division to the Group, the Group's retail business is separated into the following two reportable segments on a geographical and products and services basis, as the divisional managers for each of these regions report directly to the senior executive team. All segments primarily derive their retail revenue through their own retail network. No operating segments have been aggregated to form the following reportable segments.

Disaggregation of revenue
Disaggregation of revenue from contracts with customers by major products or service lines and geographical location of customers is as follows:

	Six months ended 30 June
	2020		2019
	RMB'000	RMB'000
Revenue from contracts with customers within
the scope of HKFRS 15
Disaggregated by major products or service lines
- Revenue from sales of watches and jewellery	399,959		966,540
- Revenue from manufacturing of watch accessories	122,796		183,036
- Revenue from provision of shop design and decoration service	85,706		108,094
- Revenue from other businesses	43,370		103,500

	651,831		1,361,170
Revenue from other sources
- Gross rentals from investment properties	550		1,530

	652,381		1,362,700
Disaggregated by geographical location


of customers
- Hong Kong Region (place of domicile)	312,572		864,834
- Mainland China	252,112		393,957
- Taiwan Region/Malaysia	87,697		103,909

	339,809		497,866

	652,381		1,362,700

Revenue from sales of watches, jewellery and related accessories is recognised to be the point in time.

Revenue from provision of shop design and decoration service is recognised progressively over time.

The geographical analysis above includes property rental income from external customers in Hong Kong Region and Mainland China for the six months ended 30 June 2020 of RMB550,000 (six months ended 30 June 2019: RMB1,530,000).

Information about profit or loss and assets
For the purposes of assessing segment performance and allocating resources between segments, the Group's senior executive management monitors the profit or loss and assets attributable to each reportable segment on the following basis:
Revenue and expenses are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments. However, other than reporting inter-segment sales, assistance provided by one segment to another, including sharing of assets, is not measured.
The measure used for reporting segment profit is "gross profit".
Segment assets represent inventories only, without eliminating the unrealised inter-segment profits.

Information regarding the Group's reportable segments as provided to the Group's most senior executive management for the purposes of resource allocation and assessment of segment performance for the period is set out below.

				Retail					All others		Total

		Hong Kong Region	Taiwan Region/Malaysia
For the six months
ended 30 June	2020	2019	2020	2019		2020	2019		2020	2019
	RMB'000 RMB'000 RMB'000 RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
Revenue from external
customers	312,262	864,834	87,697	103,909		251,872	392,427		651,831	1,361,170
Inter-segment revenue		-	228		-		-	31,774	52,941		31,774	53,169
Reportable segment

revenue	312,262	865,062	87,697	103,909		283,646	445,368		683,605	1,414,339
Reportable segment

gross profit	18,116	156,392	12,304	25,009		51,357	70,932		81,777	252,333


				Retail					All others		Total

		Hong Kong Region	Taiwan Region/Malaysia
	30	31	30	31		30	31		30	31
		June	December		June	December		June	December		June	December
	2020	2019	2020	2019		2020	2019		2020	2019
	RMB'000 RMB'000 RMB'000 RMB'000	RMB'000 RMB'000 RMB'000 RMB'000
Reportable segment assets	936,880	1,020,649	137,591	167,353		111,613	121,779		1,186,084	1,309,781

Results and assets of the segment below the quantitative thresholds ("All others") are mainly attributable to watch accessories manufacturing business and shop design and decoration business.

Reconciliations of reportable segment profit or loss

		Six months ended 30 June
		2020	2019
		RMB'000	RMB'000
Revenue
Total revenues for reportable segments	399,959			968,971
Revenue for other segments	283,646			445,368
Elimination of inter-segment revenue	(31,774)	(53,169)

Consolidated revenue	651,831			1,361,170

Profit

Total gross profit for reportable segments	30,420			181,401
Gross profit for other segments	51,357			70,932

		81,777	252,333
Other revenue	23,884	20,656
Other net loss	(13,657)	(4,477)
Distribution costs	(78,995)	(139,596)
Administrative expenses	(81,193)	(78,369)
Finance costs	(4,944)	(5,320)

Consolidated (loss)/profit before taxation	(73,128)	45,227

3 OTHER REVENUE AND OTHER NET LOSS

Other revenue

	Six months ended 30 June
	2020		2019
	RMB'000	RMB'000
Interest income	14,429		14,382
Rental income	550		1,530
Government grants	2,178		379
Dividend income from other investments	5,689		2,429
Others	1,038		1,936

	23,884		20,656

(b)	Other net loss
		Six months ended 30 June
		2020	2019
		RMB'000	RMB'000
	Net foreign exchange loss	(3,310)	(4,066)
	Net loss on disposal of property,
	plant and equipment	(2,551)	(411)
	Rent concession	11,514		-
	Impairment of property, plant and equipment	(11,789)	-
	Impairment of right-of-use assets	(7,521)	-

		(13,657)	(4,477)

4 (LOSS)/PROFIT BEFORE TAXATION

(Loss)/profit before taxation is arrived at after charging:

Finance costs

			Six months ended 30 June
			2020	2019
			RMB'000	RMB'000
	Interest on bank loans	2,361		1,955
	Interest on lease liabilities	2,355		2,581
	Bank charges	228		784

			4,944	5,320
(b)	Other items


			Six months ended 30 June
			2020	2019
			RMB'000	RMB'000
	Amortisation	302		210
	Depreciation
	- Investment properties and property, plant and equipment	19,680		19,468
	- Right-of-use assets	26,784		58,953
	Provision for/(reversal of) impairment loss on trade
	and other receivables	1,160		(1,154)
	Write-down/(reversal) of inventories	22,904		(3,021)
	Expenses relating to short-term leases
	and leases of low-value assets	10,646		13,543
	Variable lease payments not included in the measurement
	of lease liabilities	427		279

5	INCOME TAX
		Six months ended 30 June
		2020		2019
		RMB'000	RMB'000
	Current tax
	Hong Kong Profits Tax	(1,630)	5,716
	Mainland China Income Tax	4,991		6,953
	Other overseas tax	39		35

		3,400		12,704
	Deferred taxation	(5,211)	(891)

		(1,811)	11,813

The provision for Hong Kong Profits Tax is calculated by applying the estimated annual effective tax rate of 16.5% (2019: 16.5%) to the six months ended 30 June 2020, except for one subsidiary of the Group which is a qualifying corporation under the two-tiered Profits Tax rate regime.

For this subsidiary, the first HK$2 million of assessable profits are taxed at 8.25% and the remaining assessable profits are taxed at 16.5%. The provision for Hong Kong Profits Tax for this subsidiary was calculated at the same basis in 2019.

Taxation for other overseas subsidiaries is similarly calculated using the estimated annual effective rates of taxation that are expected to be applicable in the relevant countries or jurisdictions.

(LOSS)/EARNINGS PER SHARE
1. Basic (loss)/earnings per share
  The calculation of basic (loss)/earnings per share is based on the loss attributable to equity shareholders of the Company of RMB70,961,000 (six months ended 30 June 2019: profit attributable to equity shareholders of the Company of RMB29,925,000) and the weighted average of 4,662,666,959 ordinary shares (six months ended 30 June 2019: 4,643,937,677 ordinary shares) in issue during the interim period.
2. Diluted (loss)/earnings per share
  There were no dilutive potential ordinary shares during the period ended 30 June 2020 and 2019, and therefore, diluted (loss)/earnings per share are the same as basic (loss)/earnings per share.
PROPERTY, PLANT AND EQUIPMENT
1. Right-of-useassets
  During the six months ended 30 June 2020, the Group entered into a number of lease agreements for use of warehouses, retail stores and machinery, and therefore recognised the additions to right-of-use assets of RMB1,581,000. The leases of retail stores contain variable lease payment terms that are based on sales generated from the retail stores and minimum annual lease payment terms that are fixed. These payment terms are common in retail stores in Hong Kong where the Group primarily operates.
2. Acquisitions of owned assets
  During the six months ended 30 June 2020, the Group mainly acquired items of plant and machinery with a cost of RMB29,399,000 (six months ended 30 June 2019: RMB29,333,000).

8	OTHER INVESTMENTS
		At		At
		30 June		31 December
		2020	2019
		RMB'000		RMB'000
	Equity securities designated at FVOCI (non-recycling)
	- Listed securities	515,845	400,184
	- Unlisted securities (note)	1,485		-

		517,330	400,184

Note: The directors are in the view that the cost of RMB1,485,000 represents the best estimate of fair value within that range.

9	INVENTORIES
		At	At
		30 June	31 December
		2020	2019
		RMB'000	RMB'000
	Raw materials	19,302		22,132
	Work in progress	39,979		34,940
	Finished goods	1,126,803		1,252,686

		1,186,084		1,309,758

10 TRADE AND OTHER RECEIVABLES

As of the end of the reporting period, the ageing analysis of trade receivables (which are included in trade and other receivables), based on the invoice date and net of loss allowance, is as follows:

	At		At
	30 June		31 December
	2020	2019
	RMB'000		RMB'000
Current assets
Within 3 months	115,240	155,740
Over 3 months but less than 12 months	22,676	5,420
Over 12 months	8,231	59

Trade receivables, net of loss allowance	146,147	161,219
Other receivables	392,917	187,903
Prepayment and deposits	62,181	67,141

	601,245	416,263
Non-current assets
Prepayment and deposits	14,840	21,333

	616,085	437,596

Trade receivables are due within 30 to 180 days from the date of billing. All of the trade and other receivables in current assets are expected to be recovered within one year.

11 DEPOSITS WITH BANKS
	At		At
	30 June		31 December
	2020	2019
	RMB'000		RMB'000
Pledged deposits	-	14,700
Deposits with original maturities over three months	190,916	533,415

	190,916	548,115

CASH AND CASH EQUIVALENTS
As at 30 June 2020 and 31 December 2019, all of the Group's cash and cash equivalents in the consolidated statement of financial position represent cash at bank and cash in hand.
TRADE AND OTHER PAYABLES AND CONTRACT LIABILITIES
As of the end of the reporting period, the ageing analysis of trade payables (which are included in trade and other payables), based on the invoice date, is as follows:

	At		At
	30 June		31 December
	2020	2019
	RMB'000		RMB'000
Within 1 month	41,135	108,979
Over 1 month but less than 3 months	28,553	18,422
Over 3 months but less than 12 months	618	4,108
Over 1 year	231	280

Trade payables	70,537	131,789
Contract liabilities	22,667	15,904
Other payables and accrued expenses	57,868	73,760

	151,072	221,453

14	BANK LOANS
		At		At
		30 June		31 December
		2020	2019
		RMB'000		RMB'000
	Bank loans within one year or on demand
	- Secured	42,359	54,836
	- Unsecured	21,471	87,258

		63,830	142,094
	Bank loans after one year
	- Secured	77,077	74,523

		77,077	74,523

		140,907	216,617

At 30 June 2020, the banking facilities of certain subsidiaries were secured by mortgages over their land and buildings with an aggregate carrying value of RMB137,016,000 (31 December 2019: RMB142,163,000) and bank deposit of RMB nil (31 December 2019: RMB14,700,000).

15 CAPITAL, RESERVES AND DIVIDENDS

Dividends
1. Dividends payable to equity shareholders attributable to the interim period

	Six months ended 30 June
	2020	2019
	RMB'000		RMB'000
Interim dividend declared after the interim period of
RMB nil per ordinary share
(2019: RMB0.038 per ordinary share)	-	177,181

The interim dividend has not been recognised as a liability at the end of the reporting period.

Dividends payable to equity shareholders attributable to the previous financial year, approved and paid during the interim period

	Six months ended 30 June
	2020	2019
	RMB'000		RMB'000
Final dividend in respect of the previous financial year,
approved and paid during the following interim period,
of RMB nil per ordinary share (six months
ended 30 June 2019: RMB0.012 per ordinary share)	-	55,952

Shares granted under share award scheme
Pursuant to a share award scheme approved by the Board in 2015, the Company may purchase its own shares and grant such shares to certain employees or consultants of the Group.
For the six months ended 30 June 2020, no shares were granted under share award scheme.

For the six months ended 30 June 2019, the Company granted 30,000,000 shares at nil consideration to the Group's employees under 2015 share award scheme, of which 20,000,000 shares were granted to the Company's directors. The fair value of the employee services received in exchange for the grant of shares is recognised as staff costs in profit or loss with a corresponding increase in capital reserve, which is measured based on the grant date share price of the Company.

16 COMMITMENTS

Capital commitments outstanding at 30 June 2020 not provided for in the interim financial report

	At	At
	30 June	31 December
	2020	2019
	RMB'000	RMB'000
Contracted for	24,676		35,703
17 MATERIAL RELATED PARTY TRANSACTIONS


	Six months ended 30 June
	2020		2019
	RMB'000	RMB'000
Recurring transactions
Shop design and decoration services
provided to Xinyu Group	16,363		7,623

MANAGEMENT DISCUSSION AND ANALYSIS

In the first half of 2020, under the heavy blow of global coronavirus pandemic, the global economy experienced deep recession and the international financial market suffered from severe unrest. Coupled with many other unfavorable factors including trade frictions between China and the United States, the economies of Mainland China, Hong Kong and Macau have faced a huge and unprecedented pressure in recent years. In respond to this challenging business environment, the Group has adhered to the principle of "sound and steady operations", adapting to market conditions and actively adjusting its business, so as to ensure corporate existence and health with an aim of long-term development in the future.

Financial Review

Revenue

For the six months ended 30 June 2020, the Group recorded revenue of RMB651,831,000 (six months ended 30 June 2019: RMB1,361,170,000), representing a year-on-year decrease of 52.1%; retail sales amounted to RMB399,959,000 (six months ended 30 June 2019: RMB968,743,000), representing a year-on-year decrease of 58.7%; industrial group and others recorded revenue of RMB251,872,000 (six months ended 30 June 2019: RMB392,427,000), representing a year-on-year decrease of 35.8%.

Under the background of the spread of coronavirus and deep recession of the economy, watch retail in each region of the Group, especially in Hong Kong, has experienced difficulties. Many shops recorded significant losses, resulting in a notable decline in sales. The industrial group and others also faced significant adversity and challenge. With the impact of global pandemic, business operation was becoming more difficult, and the revenue decreased as compared to the same period last year.

Breakdown of revenue:

(for the six months ended 30 June 2020)

	2020			2019
	RMB'000	%		RMB'000	%
Retail Business	312,262			47.9
Hong Kong Region			864,834		63.6
Taiwan Region/Malaysia	87,697		13.5	103,909		7.6
Industrial Group and others	251,872		38.6	392,427		28.8

Total	651,831			100	1,361,170		100

Gross profit and gross profit margin

As of 30 June 2020, the Group's gross profit amounted to approximately RMB81,777,000 (six months ended 30 June 2019: RMB252,333,000), representing a year-on-year decrease of 67.6%. Gross profit margin was approximately 12.5% (six months ended 30 June 2019: 18.5%), representing a year-on-year decrease of 600bps. The decrease in gross profit and gross profit margin was mainly due to the decrease in the retail sales, greater discounts offered to our customers and the increase in the inventory provisions.

Loss for the period

During the period under review, the Group recorded a loss amounted to RMB71,317,000 (six months ended 30 June 2019: profit of RMB33,414,000). Loss attributable to equity shareholders amounted to RMB70,961,000 (six months ended 30 June 2019: profit of RMB29,925,000). The loss was mainly due to the decrease of revenue affected by the economic environment, the impairment of right-of-use assets related to Hong Kong retail business, the impairment of property, plant and equipment, and the inventory provisions.

Financial status and net debt to equity ratio

The Group maintained a sound and stable financial position. As at 30 June 2020, the Group had total equity of RMB4,030,764,000 (at 31 December 2019: RMB3,981,587,000) and net current assets of RMB2,856,305,000 (at 31 December 2019: RMB2,930,548,000), with cash and cash equivalents and deposits with banks of RMB1,377,862,000 (at 31 December 2019: RMB1,713,284,000) and total bank loans of RMB140,907,000 (at 31 December 2019: RMB216,617,000). As at 30 June 2020, bank loans bearing interests at fixed rates amounted to a total of RMB39,950,000 (at 31 December 2019: RMB102,733,000), with interest rates of 5.10% (at 31 December 2019: 3.59% to 5.10%), and the remaining bank loans bore interests at floating rates of 1.40% to 1.64% (at 31 December 2019: 1.70% to 3.06%). As at 30 June 2020, approximately 28% (at 31 December 2019: 18%), 0% (at 31 December 2019: 29%), 0% (at 31 December 2019: 6%) and 72% (at 31 December 2019: 47%) of bank loans were denominated in RMB, HKD, USD and NTD, respectively. The maturity profile of bank loans is set out in the notes to the accompanying financial statements. During the period under review, there was no sign of significant changes in the Group's demand for loans in a particular quarter.

As at 30 June 2020, the Group's total debt amounted to RMB140,907,000 (at 31 December 2019: RMB216,617,000). The net debt to equity ratio of the Group was zero (at 31 December 2019: zero) (Net debt is defined as total debt (which includes total interest-bearing borrowings) less cash and cash equivalents and deposits with banks). It established a solid foundation for the further business expansion of the Group.

The Group adopts prudent treasury policies in financial and cash management, manages bank credit availability and monitors risks of credit cost centrally in various ways. The Group maintains a good partnership with a number of banks which provide financing facilities, and reviews its funding liquidity and financing needs regularly.

Foreign exchange risk

The Group's transactions are mainly denominated in HKD, RMB and NTD. During the period under review, the foreign exchange movements of such currencies were managed properly. Accordingly, the Group was not exposed to significant risks associated with foreign exchange fluctuations. The Group has not entered into foreign exchange hedging arrangements to manage foreign exchange risk but has been actively monitoring its foreign exchange risk.

Pledge of assets

As at 30 June 2020, the Group had land and buildings equivalent to RMB137,016,000 (at 31 December 2019: RMB142,163,000) pledged as security for mortgage.

Contingent liabilities

As at 30 June 2020, the Group had no material contingent liabilities (at 31 December 2019: nil).

Current assets

As at 30 June 2020, the current assets of the Group amounted to approximately RMB3,167,423,000 (at 31 December 2019: RMB3,441,497,000), comprising inventories of approximately RMB1,186,084,000 (at 31 December 2019: RMB1,309,758,000), trade and other receivables of approximately RMB601,245,000 (at 31 December 2019: RMB416,263,000), cash and cash equivalents and deposits with banks of approximately RMB1,377,862,000 (at 31 December 2019: RMB1,713,284,000).

As at 30 June 2020, cash and cash equivalents of approximately 12% (at 31 December 2019: 11%), 83% (at 31 December 2019: 77%) and 5% (at 31 December 2019: 12%) were denominated in RMB, HKD and other currencies, respectively.

Current liabilities

As at 30 June 2020, the current liabilities of the Group amounted to approximately RMB311,118,000 (at 31 December 2019: RMB510,949,000), comprising bank loans of approximately RMB63,830,000 (at 31 December 2019: RMB142,094,000), trade and other payables of approximately RMB151,072,000 (at 31 December 2019: RMB221,453,000), lease liabilities of approximately RMB82,302,000 (at 31 December 2019: RMB121,586,000) and current tax payable of approximately RMB13,914,000 (at 31 December 2019: RMB25,816,000).

Capital structure

The Company's capital structure is composed of issued share capital, reserves and accumulated profits. As at 30 June 2020, the issued share capital of the Company was 4,662,666,959 shares (at 31 December 2019: 4,662,666,959 shares) with reserves and accumulated profits of RMB3,924,953,000 (at 31 December 2019: RMB3,872,278,000) in total.

Significant investment, material acquisition and disposal

The Company had no material acquisitions or disposals of subsidiaries, associates and joint ventures during the period under review, except as disclosed in the notes to the financial statements.

Except as disclosed in the notes to the financial statements, the Company did not hold other significant investments during the period under review.

Business Review
During the period under review, the Group's business was primarily focused on watch accessories manufacturing, the sales of internationally renowned branded watches in areas including Hong Kong, Macau, Taiwan and Malaysia, comprehensive related customer services and maintenance and e-commerce, etc.

Retail Network

The Group's retail network is mainly located in Hong Kong, Macau, Taiwan regions and Malaysia where retail stores mainly included "Elegant", "Hengdeli"/"Watchshoppe", and certain single-brand boutiques. "Elegant" stores are mainly located in Hong Kong, selling high-end internationally renowned branded watches, while "Hengdeli"/"Watchshoppe" stores are mainly located in Taiwan and Malaysia, selling mid-end and mid-to-high-end internationally renowned branded watches. The Group operated a total of 67 retail outlets in above-mentioned regions as of

30 June 2020, details of which are set out below:

	As of 30 June 2020
	Hong Kong	Taiwan
	and Macau	Region/
	Regions	Malaysia	Total
Elegant	5	1		6
Hengdeli/Watchshoppe	1	33		34
Brand boutiques	10	17		27

Total	16		51		67

The Group has maintained sound business relationships with many world-renowned-brand watch suppliers over the years, including SWATCH Group, LVMH Group, RICHEMONT Group and KERING Group, etc. As of 30 June 2020, the Group was engaged in the distribution of over 50 international renowned brands from the above four major brand suppliers and other independent watchmakers, including Breguet, Blancpain, Bulgari, Cartier, Girard-Perregaux, Harry Winston, IWC, Jaeger-LeCoultre, Longines, Mido, Omega, Parmigiani, Vacheron- Constantin, Tissot, Zenith, and Hublot, etc.

In the first half of 2020, under the background of the spread of coronavirus and deep recession of the economy, watch retail in each region of the Group, especially in Hong Kong, has experienced difficulties. Many shops recorded significant losses, resulting in notable declines in sales and gross profit margin. Overall, the retail sales recorded a year-on-year decrease of 58.7%, and the gross profit margin decreased by 600bps. The Group quickly adopted multiple measures including shop closure in order to survive by reducing the loss. Currently, the world economy has not yet recovered from its slowdown, and the geopolitical unrest that has been troubling Hong Kong society has not shown any sign of easing off. Coupled with the impact of coronavirus pandemic, retail business of the Group is still facing huge difficulty. In the second half of the year, the Group will continue to adjust its business in every practical way (including staff layoff and continuous shop closure) at its discretion for the future development of the Group.

Hong Kong and Macau Regions

The Group's retail business in Hong Kong mainly focuses on high-end brands, including Blancpain, Breguet, Bulgari, Cartier, Chopard, Franck Muller, Girard-Perregaux, Harry Winston, IWC, Jaeger-LeCoultre, Omega, Panerai, Piaget, Parmigiani, Vacheron Constantin, Zenith, Glashutte Original, Ulysse Nardin, Jaquet Droz, Breitling, Corum, Baume & Mercier, Montblanc, Longines, Hublot, TAG Heuer, etc. To adapt to the changes in the structure and consumption patterns of visitors to Hong Kong in recent years, the Group also deployed multi-layer brand positioning, introducing certain mid-to-high-end brands and marketing many well-known brands from independent international watchmakers such as HYT, Christophe Claret, Greubel Foresy, MB&F, Armin Strom and Moritz Grossmann, in order to expand its market share.

During the period under review, under the background of the spread of coronavirus and deep recession of the global economy, the economic situation in Hong Kong was extremely grim. The coronavirus pandemic has imposed material impact on extensive economic activities in Hong Kong. Coupled with the continuous China-US trade disputes and the geopolitical unrest, the economy recession further deteriorated. Watch retail of the Group has experienced huge difficulties. Many shops recorded significant losses, resulting in notable declines in sales and gross profit margin. The Group quickly adopted multiple measures including actively striving for rental reduction, staff layoff and shop closure in order to survive by reducing the loss. During the period under review, the Group has closed five retail outlets in commercial areas including Central, Causeway Bay and Tsim Sha Tsui, respectively.

During the period under review, the operation of the "Hengdeli" store in Macau was basically similar to that in Hong Kong with significant losses.

As of 30 June 2020, the Group operated a total of 16 retail outlets in Hong Kong and Macau yet. The overall situation has been extremely tough. The global political turmoil remained severe recently, the world economy has not yet recovered from its slowdown, and the geopolitical unrest that has been troubling Hong Kong society has not shown any sign of easing off. Coupled with the impact of coronavirus pandemic, Hong Kong economy is still facing the unprecedented challenges, which makes business operations difficult. In the second half of the year, the Group will adapt to market conditions and continue to adjust its business structure in every practical way (including staff layoff and continuous shop closure) at its discretion with an aim of healthy survival.

Taiwan and Malaysia

The Group's retail business in Taiwan mainly focuses on the sales of mid-end and mid-to-high-end watch brands. The Group operated a total of 45 retail outlets in Taiwan as at 30 June 2020, mainly located in prime districts including Taipei, Taichung, Kaohsiung, Hsinchu and Chiayi. Except for one "Elegant" shop which sells top-end watches, all other shops are brand boutiques and "Hengdeli" shops which sell mid-end and mid-to-high-end branded watches. Brands sold mainly include Omega, IWC, Certina, Hamilton, Longines, Rado, TAG Heuer, Tissot and Gucci, etc.

The Group operated 6 stores in Malaysia, selling mid-end and mid-to-high-end branded watches, mainly including Certina, Hamilton, Longines, Rado, TAG Heuer, Tissot, Montblanc, Mido, Maurice Lacroix, Oris, and Bell & Ross.

During the period under review, due to the severe impacts of significant decline of global economy and coronavirus pandemic, many shops in Taiwan and Malaysia were closed and suspended for a longer duration, sales in the two regions have declined severely or been put to a halt. Based on current situation, it its expected that no breakthrough will be made for the sales in these two regions in the second half of the year.

Customer Service and Maintenance

"Cutting-edge technology, efficient management, and considerate services" are the solemn commitments made by the Group to consumers, providing customers with assurance and confidence. The continued training provided by brand suppliers to the Group's technical personnel and the human resources policy of recruiting talents worldwide have ensured the Group to have its own elite technicians and maintain the world-class cutting edge of maintenance expertise.

The real-time repair and maintenance networks in retail stores of all regions and the watch repair and maintenance centers located in Hong Kong, Taiwan and Malaysia ensure timely delivery of all-roundafter-sale services to customers. Top international watch technicians and high-end maintenance equipments have provided international top quality watch repair and maintenance services to customers so as to strive for perfection in customer services. The Group has also maintained good cooperation relationship with brand suppliers. As of 30 June 2020, the Group has become the maintenance agent for almost 100 international brands, of which 5 brands were exclusive.

Industrial Group

The Group has a relatively mature industrial chain for watch accessories manufacturing, mainly covering from the manufacturing of watch accessories and packaging products to commercial space design, production and decoration. Companies are mainly located in Suzhou, Guangzhou and Dongguan. Our branches and subsidiaries have earned a solid reputation in their respective fields, forming tight relationships, mutual trust and interest sharing with brand suppliers. A wide customer base covering China, Switzerland, the United States and other countries in the Asia Pacific region has been established.

During the period under review, industrial group also faced significant adversity and challenge, for which three of its subsidiaries are all located in Mainland China. In the first half of the year, with the impact of pandemic, business operation was becoming more difficult, and plenty of peer corporates in Mainland China were unable to continue their operation. The Group is stability-rooted and pursues development through innovation. While ensuring the safety and health of our employees, the Group has organized the work and production resumption in a timely manner, adopted various proactive and effective measures to deal with the pandemic, and achieved significant results. During the period under review, the revenue of industrial group decreased by 28.4%, which was less than the peers in the industry, as compared with the same period of last year. However, with the joint efforts of all staff members, the Group still recorded a profit over ten million, which was not easy for us. Stable operation of industrial group established a good foundation for the start of the Group's business in the second half of the year and its future development.

The pandemic has been well-controlled in Mainland China recently, and each major economic indicators have showed positive signals, which indicate the overall economy standstill after the strike of pandemic. The Group believes that with significantly extensive market advantages and potential for domestic demand, the favorable long-term fundamentals of China's economy remain unchanged and the developing trend of the economy at a medium to high speed will continue. In the second half of the year, the Group will seek opportunities to conduct industry integration of the upstream and downstream products, as well as strive for improving leadership in the industry through fully seizing the development opportunities, further strengthening the industrial management together with technical R&D and innovation, taking quality as the priority and driving growth by innovation. By leveraging Mainland China's long-term and stable economic development environment, we will concentrate on expanding the production of accessories for mid-to-high-end products such as watch and jewellery that can bring stable and sustainable income to the Group, and conduct deeper cooperation with brands and international peers in various ways. At the same time, with the new industrial production bases, the limited diversification process of industrial production and service will be extended to accessory fields of cosmetics and electronics. The Group will continue to expand business model, enrich product pipelines and seek a newer and broader development model for the Group, so as to realize a new breakthrough in our development. The Group firmly believes that the industrial group, through its rapid improvement, will provide internal impetus to the Group's sustainability and development.

Social Responsibility and Human Resources
As the cornerstone of its corporate management and social responsibility, the Group has always been advocating the corporate spirit of "mutual respect, shouldering responsibility, close collaboration and ongoing innovations" under the people-oriented core value.
As at 30 June 2020, the Group had a total of 1,658 employees in Hong Kong, Macau, Mainland China, Taiwan and Malaysia. The Group has always been committed to developing and adding value to human resources. The Group implements a standard recruitment system and allocates resources to various kinds of training for our managers, front-line service staff and maintenance technicians, including, among others, the art of management, sales skills, brand knowledge and service awareness, with an aim of enhancing knowledge, marketing skills and service capabilities of our staff. The Group also works with our brand suppliers to provide front-line service staff and maintenance technicians with regular trainings in brand knowledge and maintenance expertise.
The Group offers a competitive remuneration package and various incentives to all employees, and regularly reviews the structure of relevant mechanisms to cope with corporate development needs. Awarded shares are granted to the general management staff and relevant persons of the Company in recognition of their contributions to the Group and as an incentive for their greater future commitment. The Group also offers other benefits to its employees, including MPF plans, insurance schemes, housing and meal allowances.
Environmental protection is one of the top priorities for the Group's sustainable development. During the period under review, the subsidiaries of the Group's industrial group were in strict compliance with national regulations. Reports on pollutants were submitted regularly to environmental authorities as required. All pollutant emissions including sewage and gas have passed annual inspection and met national standards.
The Group has maintained sound business relationships with many world-renowned-brand watch suppliers over the years, including SWATCH Group, LVMH Group, RICHEMONT Group and KERING Group, etc. During the period under review, the Group was engaged in the distribution of over 50 internationally renowned brands from the above four major brand suppliers and other independent watchmakers. The branches and subsidiaries of the Group carried out strict quality control procedures on products in full accordance with national quality standards, fully safeguarding the interests of clients and consumers.
Apart from its efforts in achieving business results and creating brand value, the Group also actively participated in public welfare activities. The Group has made contributions to education, healthcare, sports and other welfare undertakings through its donations to The Community Chest of Hong Kong, Po Leung Kuk of Hong Kong and Hong Kong Red Cross, etc.

IV. Outlook

At present, the global political turmoil is still severe while the coronavirus pandemic has not been eased yet. There are still many difficulties and issues in China's economy operation. However, the pandemic has been well-controlled in Mainland China recently, and various major economic indicators have showed positive signals, which indicate the overall economy standstill after the strike of pandemic. The Group believes that with significantly extensive market advantages and potential for domestic demand, the favorable long-term fundamentals of China's economy remain unchanged and the developing trend of the economy at a medium to high speed will continue. By continuously leveraging its core competitiveness, the Group will get rid of the old to make way for the new and constantly seek new business opportunities, so as to keep the enterprise healthy and move forward steadily.

Based on the sprite of the resolutions of the Board, the Group will continue to adhere to the principle of "sound and steady operations", adapt to market conditions, and adjust its business structure in every practical way (including staff layoff and continuous shop closure) at its discretion. The Group will start from the strategies for future development by leveraging Mainland China's long-term and stable economic development environment, concentrate on expanding the production of accessories for mid-to-high-end products such as watch and jewellery that can bring stable and sustainable income to the Group, and conduct deeper cooperation with brands and international peers in various ways. At the same time, with the new industrial production bases, the limited diversification process of industrial production and service will be extended to accessory fields of cosmetics and electronics. The Group will seek a newer and broader development model so as to achieve a new breakthrough in our development.

DIVIDEND DISTRIBUTION

The Board does not recommend the payment of interim dividend for the six months ended 30 June 2020. (for the six months ended 30 June 2019: RMB3.8 cents per share).

EQUITY-LINKED AGREEMENTS

Share Award Scheme

On 25 March 2015, a share award scheme was adopted by the Company to recognise the contributions of certain participants to the Company and to attract suitable personnel for the growth and further development of the Company.

Subject to any early termination as may be determined by the Board, the Share Award Scheme shall be valid for a term of ten (10) years commencing on the adoption date. The Board may select any participants, other than any excluded participant, for participation in the Share Award Scheme and determine the award amount for the purchase of the awarded shares to be awarded to the selected participants. The Board is entitled to impose any conditions (including a period of continued service within the Group), as it deems appropriate in its absolute discretion with respect to the entitlement of the selected participants to the awarded shares. No consideration for the awarded shares is needed to be paid by the selected participants to the Company. The Board shall not make any further award of awarded shares

which will result in the nominal value of the shares awarded by the Board under the Share Award Scheme exceeding 10% of the issued share capital of the Company as at the adoption date. The maximum number of shares which may be awarded to a selected participant under the Share Award Scheme in a 12-month period shall not exceed 0.5% of the issued share capital of the Company as at the adoption date or such number of shares as determined by the Board from time to time.

The Share Award Scheme shall terminate on the earlier of the tenth anniversary date of the adoption date or such date of early termination (whichever is earlier) as determined by the Board.

During the period under review, no awarded shares were granted by the Company (for the six months ended 30 June 2019: 30,000,000 shares).

Share Option Scheme

At the annual general meeting of the Company held on 15 May 2015, the share option scheme was adopted conditionally.

The share option scheme of the Company was adopted to grant options to selected participants including but not limited to directors and employees of the Group as incentives or rewards for their contributions to the Group (the "Share Option Scheme"). Subject to any early termination as may be determined by the Board, the Share Option Scheme shall be valid and effective for a term of ten (10) years commencing on the adoption date.

Under the Share Option Scheme, subject to the discretion of the directors, there is no minimum period for which an option must be held before it can be exercised. Each option has a maximum valid period of ten years after which the option shall lapse. The total number of shares issued and to be issued upon exercise of the options granted to each of the eligible participants in any 12-month period must not exceed 1% of the shares in issue. The exercise price shall not be less than the higher of: (i) the closing price of the shares as stated in the daily quotation sheets issued by the Stock Exchange on the date of offer of that option; (ii) the average of the closing prices per shares as stated in the daily quotation sheets issued by the Stock Exchange for the five business days immediately preceding the date of offer of that option; and (iii) the nominal value of the shares.

Under the Share Option Scheme, the grantee shall accept the option within ten days from the date of the offer to grant the share option and pay HKD1.00 to the Company as consideration for the grant upon acceptance of the option.

As of 30 June 2020, the issued share capital of the Company was 4,662,666,959 shares, and there was no option outstanding (30 June 2019: nil).

PURCHASE, SALE OR REPURCHASE OF SECURITIES

During the period under review, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities (the first half of 2019: nil).

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

The Company has always been committed to maintaining a high standard of corporate governance to ensure a higher level of transparency in the Group, so as to safeguard the interests of our shareholders as a whole, and ensure cooperative development among our customers, employees and the Group.

The Company has adopted the Code on Corporate Governance Practices (the "Corporate Governance Code") set out in Appendix 14 to the Listing Rules.

The directors are of the opinion that the Company complied with the Corporate Governance Code during the period under review, except for a deviation from the provision A.2.1. Given the existing corporate structure, the roles of the chairman and chief executive officer have not been separated, and both are performed by Mr. Zhang Yuping. Although the roles and duties of the chairman and chief executive officer have been performed by the same individual, all major decisions would only be made after consultation with, and (where applicable) by the Board. There are three independent non-executive directors in the Board which is in compliance with the requirements of Rules 3.10(1), 3.10(2) and 3.10(A) of the Listing Rules. All of them possess adequate independence and therefore the Board considers that the Company has achieved balance of power and provided sufficient assurance for scientific decision-making.

ACKNOWLEDGEMENT

The directors would like to take this opportunity to express our sincere thanks to all the shareholders for their continuous support and to all our staff for their dedication and contribution to the Group during the reporting period.

GENERAL INFORMATION

As at the date of this report, the executive directors are Mr. Zhang Yuping (Chairman), Mr. Huang Yonghua and Mr. Lee Shu Chung, Stan; the non-executive director is Mr. Shi Zhongyang, and the independent non-executive directors are Mr. Cai Jianmin, Mr. Wong Kam Fai, William and Mr. Liu Xueling.

By Order of the Board

Zhang Yuping

Chairman

Hong Kong, 18 August 2020

As at the date of this announcement, the executive directors of the Company are Mr. Zhang Yuping (chairman), Mr. Huang Yonghua and Mr. Lee Shu Chung, Stan; the non-executive director is Mr. Shi Zhongyang; the independent non-executive directors are Mr. Cai Jianmin, Mr. Wong Kam Fai, William and Mr. Liu Xueling.

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Hengdeli Holdings Limited published this content on 18 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2020 10:05:03 UTC

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 am EDT			5-day change	1st Jan Change
0.141 ^HKD	0.00%		-2.76%	-4.73%

May. 03	Hengdeli Renews Services Contract with Affiliate	MT
Mar. 21	Hengdeli Returns to 2023 Profit	MT

Hengdeli Renews Services Contract with Affiliate	May. 03	MT
Hengdeli Returns to 2023 Profit	Mar. 21	MT
Hengdeli Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 20	CI
Hengdeli to Return to Profit in 2023	Mar. 11	MT
Hengdeli Holdings Limited Provides Consolidated Earnings Guidance for the Financial Year Ended 31 December 2023	Mar. 08	CI
Hengdeli Holdings Limited Announces Board Changes	23-09-25	CI
Hengdeli Trims Loss for H1	23-09-06	MT
Empire Charm Limited completed the acquisition of 16% stake in Hengdeli Holdings Limited from Best Growth International Limited.	23-08-24	CI
Cheung Yuan Yuan Emily agreed to acquire a stake in Hengdeli Holdings Limited from Best Growth International Limited for HKD 20.88 million	23-08-22	CI
Empire Charm Limited entered into a sale and purchase agreement to acquire 16% stake in Hengdeli Holdings Limited for approximately HKD 100 million.	23-08-22	CI
Hengdeli Holdings Limited Reports Earnings Results for the Half Year Ended June 30, 2023	23-08-22	CI
Hengdeli to Narrow H1 Loss	23-08-04	MT
Hengdeli Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 June 2023	23-08-04	CI
Hengdeli Holdings Acquires Two Properties Through Judicial Bids	23-08-04	MT
Hengdeli Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-21	CI
Hengdeli Holdings Limited Appoints Qian Weiqing as Independent Non-Executive Director	23-03-21	CI
Hengdeli Holdings Warns of 2022 Loss	23-03-06	MT
Hengdeli Holdings Limited Provides Unaudited Consolidated Earnings Guidance for the Financial Year Ended 31 December 2022	23-03-03	CI
Hengdeli Holdings Limited Reports Earnings Results for the Half Year Ended June 30, 2022	22-08-30	CI
Hengdeli Holdings Limited commences an Equity Buyback Plan for 446,480,696 shares, representing 10% of its issued share capital, under the authorization approved on May 13, 2022.	22-05-26	CI
Hengdeli Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2021	22-03-22	CI
Hengdeli Holdings Limited Provides Consolidated Earnings Guidance for the Financial Year Ended 31 December 2021	22-03-11	CI
Hengdeli Holdings Limited(SEHK:3389) dropped from S&P Global BMI Index	21-09-20	CI
Hengdeli Holdings Limited Reports Earnings Results for the Half Year Ended June 30, 2021	21-08-26	CI
Hengdeli : Chairman Relinquishes CEO Role	21-04-22	MT

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Hengdeli Holdings Limited

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