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Chairman's Statement
CEO's Statement
Board of Directors

Chairman's Statement

Dear Shareholders,

I am pleased to present the Company’s Annual Report for 2017.


The Chinese economy continued to grow in 2017. According to the National Bureau of Statistics of China, the Chinese GDP and the retail sales of consumer goods grew by 6.9% and 10.2% respectively in 2017. Despite the healthy growth of the Chinese economy and consumer spending, the traditional retail business is challenged by the rapid growth of e-commerce, changing consumer behaviour and a competitive landscape.

The Group managed to maintain a respectable level of profitability in 2017 despite operating in a challenging environment. To reward our shareholders, we are proposing a final dividend of SGD 1 cent per share or a total of SGD 2.5 cents per share for the year. The Group has lowered its payout ratio to strengthen our balance sheet.

Whilst the Group is consolidating its efforts in improving the operations and profitability of its existing stores, preparations are underway for the opening of several stores within 24 months. Two stores in Zhangzhou City, Fujian Province are expected to be opened within the next 12 months - a 1,400 sq m store in Xiangcheng District in 2018 and a larger 15,200 sq m store in the Zhangzhou China Merchants Economic and Technological Development Zone at the end of 2019. In Quanzhou City, where we already have eight self-owned stores, we are expecting a 23,200 sq m store in Yongchun County, Quanzhou City in 1H2019 and a 6,400 sq m store in Guanqiao, Anxi County, Quanzhou City to be operational in 2019. Two other stores in Quanzhou City are expected to be operational within the next 12 to 24 months. Based on this new-store roll-out plan, our current self-owned gross floor area of 153,300 sq m is expected to increase by over 30%. In addition, we are also looking forward to the completion of our joint venture project with Chongqing Sasseur in Changsha City, Hunan Province around the end of 2018.

We have confidence that the Group will continue to deliver satisfactory results in the coming year. I hope our shareholders will continue to give us their support. Thank you.

Lee Swee Keng
Executive Chairman



我很高兴在此呈现公司2017 年度的年报。

2017 年中国经济持续增长。中国国家统计局发布,2017 年的国 内生产总值增长6.9%,零售销售年度增长10.2%。尽管适度乐观 的经济前景,但面对商业扩张过快,零售业务仍然具有挑战性。 尽管在困难的环境, 我们在2017 财政仍取得盈利状态。在奖励我 们的股东方面, 我们会提议发期末股息每股新币1 分,2017 年度 总红利新币2.5 分。2017 年可发的红利比往年少是为了加强公司 的资产负债状况。

本集团将会继续努力, 改善经营和盈利能力。集团将在24 个月内 增开几家新店,其中福建省漳州市两家,一家15,200 平方米在漳 州招商局经济技术开发区将于2019 年底开业,另一家位于1,400 漳州芗城区2018 年开业;我们也会增加集团在泉州市现有的八 家经营门店,泉州市永春县一家,约23,200 平方米将于2019 年 上半年开业,2019 年在泉州市安溪县官桥镇增开一家6,400 平方 米的门店,在12 至24 个月内在泉州市增开另外两家门店。新店开业计划若完成,现有的153,300 平方米经营店总建筑面积增加 至少30%。此外,湖南省长沙市和重庆砂之船合作的项目将会在 2018 年底开业。

如无意外,预计我们来年的业绩会保持满意。我希望各位股东能 支持我们。谢谢!


李瑞庆
执行主席