香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 JINHUI HOLDINGS COMPANY LIMITED 金輝集團有限公司 （於香港註冊成立之有限公司） 承董事會命 金輝集團有限公司 主席 吳少輝 香港，2025年8月14日 於本公佈日期，本公司之執行董事為吳少輝、吳錦華、吳其鴻及何淑蓮；及本公司之獨立 非執行董事為崔建華、徐志賢及邱威廉。 股份代號 : 137 董事會會議日期 金輝集團有限公司（「本公司」）董事會宣佈，本公司將於 2025年8月27日星期三 在本公司註冊辦事處舉行董事會會議，董事會將於會上通過議案，其中包括批 准本公司及其附屬公司截至2025年6月30日止六個月之中期業績，以及考慮派發 中期股息（如有）。 ...

股份代號︰137 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 JINHUI HOLDINGS COMPANY LIMITED 金輝集團有限公司 （於香港註冊成立之有限公司 ) 承董事會命 延遲寄發通函 主要交易 出售船舶 茲提述金輝集團有限公司（「本公司」）日期為 2025 年 7 月 23 日有關該等船舶之 出售事項構成本公司一項主要交易之公佈（「該公佈」）。除本文內另行訂定外， 本公佈中所用之詞彙均與該公佈中之詞彙具有相同涵義。 根 據該公佈所披露， 有關 該 等船舶之出售事項 之通函（「該通函」 ） 預期將於 2025 年 8 月 13 日或以前寄發。由於本公司需要額外時間準備及╱或落實若干事 項，其中包括本集團之財務資料如營運資金充足聲明、債項聲明及其他若干資料載 於該通函內，本公司已向聯交所申請豁免嚴格遵守上市規則第 14.41(a)條之規定以 延遲寄發該通函（「豁免」）。 聯交所已於 2025 年 8 月 8 日向本公司授予豁免，條件為 ...

Core Viewpoint - Jinhui Group (00137) plans to sell a super handy-sized vessel for $10.5 million (approximately HKD 81.9 million) as part of a strategy to adjust its fleet composition and reduce operational risks in a volatile market [1] Group 1: Sale of Vessel - The sale involves a super handy-sized vessel with a deadweight of 56,887 metric tons, built in 2009 and registered in Hong Kong [1] - The transaction is classified as a discloseable transaction under listing rules due to the company's indirect ownership of approximately 55.69% in the selling entity [1] Group 2: Fleet Management Strategy - The company operates a balanced and diversified fleet of bulk carriers, including Capesize, Panamax, Ultramax, and Super Handy-sized vessels [2] - The company focuses on enhancing fleet quality and adjusting the fleet composition to reduce overall vessel age, balancing maintenance costs, revenue generation potential, and asset appreciation [2] - The current fleet consists of 30 vessels, with a total deadweight capacity of approximately 2.2 million metric tons, including 20 owned vessels, 2 under sale and leaseback arrangements, and 8 leased vessels [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 JINHUI HOLDINGS COMPANY LIMITED 金輝集團有限公司 （於香港註冊成立之有限公司） 主要交易 出售船舶 第一賣方、第二賣方及第三賣方均為本公司擁有約55.69%權益之間接附屬公司，並分別 訂立協議以出售該等船舶。 如本公司於日期為2025年7月4日之公佈所披露，第一賣方於2025年7月4日與第一買方 訂立第一份協議，有關以10,800,000美元（約84,240,000港元）之代價出售第一艘船舶。 第一買方已向第一賣方支付代價，而第一艘船舶已於2025年7月14日由第一賣方交付予 第一買方。 如本公司於日期為2025年7月23日之公佈所披露，第二賣方於2025年7月23日與第二買 方訂立第二份協議，有關以11,000,000美元（約85,800,000港元）之代價出售第二艘船 舶。第二買方已向第二賣方支付代價，而第二艘船舶已於2025年7月31日由第二賣方交 付予第二買方。 如 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 金輝集團有限公司 | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00137 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 530,289,480 | | 0 | | 530,289,480 | | 增加 / 減少 (-) ...

Financial Performance - In 2024, Jinhui Holdings reported a significant increase in operating revenue from freight and chartering, reaching HKD 1,239,419,000, a 94% increase compared to HKD 638,573,000 in 2023[6] - The company recorded a net profit of HKD 142,183,000 in 2024, a turnaround from a net loss of HKD 461,805,000 in 2023[7] - Basic earnings per share for 2024 were HKD 0.112, compared to a loss per share of HKD 0.512 in 2023[7] - Operating revenue for 2024 reached HKD 1,239,419,000, a significant increase from HKD 638,573,000 in 2023, representing a growth of approximately 94%[31] - The net profit for the year 2024 was HKD 142,183,000, a turnaround from a loss of HKD 461,805,000 in 2023[31] - Basic earnings per share for 2024 was HKD 0.112, compared to a loss of HKD 0.512 per share in 2023[32] - The company achieved a comprehensive operating profit before depreciation and amortization of HKD 543,361,000 in 2024, compared to a loss of HKD 115,784,000 in 2023[181] - Other operating income rose from HKD 61,018,000 in 2023 to HKD 136,608,000 in 2024, primarily due to compensation from a lease contract dispute and realized gains from financial assets[193] Fleet and Operations - The total deadweight tonnage of the fleet increased by 61% from 1.4 million tons to 2.3 million tons[6] - The company has a fleet consisting of 25 owned vessels and 8 chartered vessels as of December 31, 2024[8] - The company operates a fleet of 25 owned vessels and employs 590 crew members as of December 31, 2024[18] - The fleet consisted of 25 owned vessels and 8 chartered vessels, with a total carrying capacity of approximately 2,276,000 tons as of December 31, 2024[185] - The average utilization rate of the fleet slightly decreased to 98% in 2024 from 99% in 2023[183] - The company plans to maintain financial flexibility while enhancing operational competitiveness through the acquisition or leasing of vessels[186] - The company entered into several long-term charter agreements, enhancing fleet flexibility while limiting capital expenditure on vessel acquisitions[190] Charter Rates and Market Conditions - The average daily charter rate improved by 63%, rising from USD 9,063 (approximately HKD 71,000) in 2023 to USD 14,741 (approximately HKD 115,000) in 2024[6] - The Baltic Dry Index averaged a 27% increase year-on-year, reflecting a recovery in the global shipping market[6] - The Baltic Dry Index averaged 1,755 points in 2024, up from 1,378 points in 2023, indicating a recovery in shipping rates[175] Corporate Governance - The company maintained compliance with corporate governance codes as per the listing rules throughout the fiscal year ending December 31, 2024[33] - The board of directors held a minimum of four meetings in 2024, ensuring active participation and oversight of company operations[34] - Independent non-executive directors attended 14 out of 15 board meetings, demonstrating strong engagement in governance[36] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition[40] - The chairman and the managing director have clearly defined roles, with the chairman responsible for strategic planning and overall operations oversight[38] - The company adheres to corporate governance code provisions, ensuring that independent non-executive directors constitute more than one-third of the board[41] - The board will regularly review the effectiveness of its arrangements and the distribution of responsibilities to enhance overall corporate governance[38] Risk Management and Internal Controls - The company has established risk management and internal control systems to identify and assess risks, ensuring assets are protected and transactions are authorized by management[65] - An external professional firm conducted a review of the effectiveness of the company's risk management and internal control systems, identifying weaknesses and improvement suggestions[63] - The board is responsible for risk management strategies, including obtaining appropriate insurance coverage to mitigate financial impacts[51] - The board of directors regularly reviews and strengthens its risk management and internal control systems to ensure effective implementation[67] Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social, and Governance (ESG) report for 2024 focuses on the company's international shipping business and its commitment to sustainable development[92] - The company aims to reduce carbon emissions by at least 40% per transport work by 2030 compared to 2008 levels, as per the revised 2023 IMO greenhouse gas strategy[108] - The company is committed to complying with applicable environmental laws and regulations to minimize adverse environmental impacts[99] - The board is responsible for the ESG strategy and regularly reviews risks, opportunities, performance, and goals related to ESG[99] - The company aims to reduce carbon emissions by 70% in carbon emission density and 50% in greenhouse gases by 2050 compared to 2008 levels[109] Employee Relations and Workforce - As of December 31, 2024, the company employed 74 full-time employees, with 55% being male and 45% being female[88] - The employee turnover rate for 2024 is 1.57%, with male turnover at 0.63% and female turnover at 0.94%[146][147] - The company has a gender equality policy, with 74 full-time employees as of December 31, 2024, compared to 66 in 2023[144] - The average training hours for employees in 2024 are 24.56 hours for males and 24.90 hours for females, with 95% of seafarers receiving training[161] - The company provides various employee benefits, including medical and life insurance, retirement plans, and paid leave[150] Charitable Contributions - The company made charitable donations of HKD 510,000 in 2024, a significant increase from HKD 79,000 in 2023[167] - There were no reports of corruption against the company or its employees in 2023 and 2024, indicating a strong commitment to anti-corruption measures[166]

Financial Performance - Total revenue for 2024 reached HKD 1,239,419,000, a 94% increase from HKD 638,573,000 in 2023[7] - EBITDA for 2024 was HKD 543,361,000, compared to an EBITDA loss of HKD 115,784,000 in 2023[7] - Net profit for 2024 amounted to HKD 142,183,000, a significant recovery from a net loss of HKD 461,805,000 in 2023[7] - Basic earnings per share for 2024 were HKD 0.112, compared to a loss per share of HKD 0.512 in 2023[7] - The company achieved operating revenue of HKD 1,239,419,000 in 2024, a significant increase of 94% compared to HKD 638,573,000 in 2023, driven by an increase in the number of vessels and improved average daily charter rates[25] - The company recorded a net profit attributable to shareholders of HKD 59,217,000 in 2024, compared to a net loss of HKD 271,527,000 in 2023, with basic earnings per share of HKD 0.112[26] - Total comprehensive income for the year amounted to HKD 123,844,000, recovering from a loss of HKD 475,104,000 in 2023[82] - The company reported a net loss of HKD 271,527,000 for the year ended December 31, 2023, compared to a net loss of HKD 190,278,000 from non-controlling interests, resulting in a total comprehensive loss of HKD 475,104,000[87] Fleet and Operations - The fleet's total deadweight tonnage capacity increased by 61% year-on-year, from 1.4 million tons to 2.3 million tons[6] - Average daily charter rates improved by 63% to USD 14,741 (approximately HKD 115,000) in 2024, up from USD 9,063 (approximately HKD 71,000) in 2023[7] - The company operates a fleet of 33 bulk carriers, consisting of 25 owned vessels and 8 leased vessels, with a total deadweight capacity of approximately 2,276,000 tons as of December 31, 2024[16] - The company completed the acquisition of four second-hand vessels and committed to purchasing two newbuild vessels during the year[19] - The company signed contracts to build two new ultra-large handymax vessels at a price of USD 34,000,000 each, with delivery scheduled for 2026 and 2027[21] - The company entered into several long-term charter agreements for leased vessels, enhancing fleet flexibility while limiting capital expenditure[22] - The company aims to modernize its fleet by replacing older vessels with newer, more efficient ones, while maintaining financial flexibility and operational competitiveness[24] Financial Position and Cash Flow - As of December 31, 2024, the capital-to-debt ratio stood at 19%[4] - The company's total equity increased to HKD 2,942,152,000 in 2024, up from HKD 2,818,308,000 in 2023, showing a strengthening balance sheet[85] - The net cash from operating activities for 2024 was HKD 587,319,000, compared to HKD 113,853,000 in 2023[45] - The net cash used in investing activities was HKD 665,262,000, significantly higher than HKD 39,340,000 in 2023[45] - The total amount of secured bank loans increased from HKD 808,682,000 on December 31, 2023, to HKD 882,766,000 on December 31, 2024[46] - The company's cash and cash equivalents were HKD 189,908,000 as of December 31, 2024, down from HKD 329,449,000 in 2023[45] - The total cash outflow for leasing in the year was HKD 305,878,000, compared to HKD 38,051,000 in 2023[40] Expenses and Liabilities - Shipping-related expenses increased significantly from HKD 456,225,000 in 2023 to HKD 658,353,000 in 2024, primarily due to an increase in short-term chartered vessels[30] - Daily operating costs for the fleet rose from USD 5,569 (approximately HKD 43,000) in 2023 to USD 5,606 (approximately HKD 44,000) in 2024, attributed to initial operating costs of newly delivered vessels[30] - Depreciation and amortization increased from HKD 290,875,000 in 2023 to HKD 346,919,000 in 2024, mainly due to the depreciation of right-of-use assets for long-term chartered vessels[33] - The carrying amount of right-of-use assets and lease liabilities as of December 31, 2024, was HKD 234,168,000 and HKD 252,598,000, respectively, compared to HKD 164,541,000 and HKD 227,281,000 in 2023[22] - The total lease liabilities due within one year increased significantly to HKD 145,796,000 in 2024 from HKD 39,476,000 in 2023[111] Legal and Governance - The company has been involved in a long-standing legal dispute regarding the vessel "CANTON TRADER," with a confirmed arbitration award of approximately $41,250,000[54] - The company has received a settlement of $3,500,000 to resolve legal actions in Hong Kong, paving the way to conclude global litigation[57] - The company has confirmed the delivery of three long-term leased vessels in 2024, with varying weights and lease terms[116] - The company has been compliant with the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the fiscal year ending December 31, 2024[65] - The board of directors has noted that all independent non-executive directors have served for over nine years, and the company is in the process of appointing a new independent non-executive director[67] Market Outlook and Strategy - The company anticipates increased volatility in the freight market due to geopolitical events and high interest rates, which are expected to be major sources of instability[62] - The supply of new vessels remains tight, while the supply level of newbuilds is moderate, indicating potential challenges in fleet expansion[62] - The management emphasizes the importance of maintaining a solid financial position while pursuing growth amidst economic and geopolitical uncertainties[63] - The company is actively seeking opportunities to renew its fleet when reasonable prices arise[62] Other Key Information - The company will not declare any final dividends for the year ending December 31, 2024[11] - The company did not purchase, sell, or redeem any of its listed securities during the year[77] - The annual general meeting is scheduled for June 3, 2025, with a suspension of share transfer registration from May 29 to June 3, 2025[78] - The audit committee reviewed the financial reports and confirmed compliance with applicable accounting standards and legal requirements[75] - The company has adopted revised Hong Kong Financial Reporting Standards effective January 1, 2024, with no significant impact on financial performance or position reported[90]

Financial Performance - The company reported a revenue of HKD 539,284,000 for the first half of 2024, an increase of 86% compared to HKD 290,370,000 in the same period of 2023[6]. - The net profit for the period was HKD 66,900,000, a significant turnaround from a net loss of HKD 162,477,000 in the first half of 2023[6]. - Basic earnings per share for the first half of 2024 were HKD 0.053, compared to a loss per share of HKD 0.181 in the same period last year[6]. - Operating revenue from freight and chartering increased by 86% to HKD 539,284,000 in the first half of 2024, compared to HKD 290,370,000 in the same period of 2023[17]. - The consolidated operating profit before depreciation and amortization for the first half of 2024 was HKD 247,630,000, compared to a loss of HKD 7,791,000 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2024 was HKD 28,117,000, a significant recovery from a net loss of HKD 95,911,000 in the first half of 2023[17]. - Total comprehensive income for the period amounted to HKD 57,292,000, a significant improvement from a loss of HKD 163,648,000 in the same period last year[45]. - The company achieved an operating profit of HKD 93,365,000, compared to an operating loss of HKD 140,811,000 in the prior year, indicating a turnaround in operational performance[45]. Fleet and Operations - The company operates a fleet of 23 owned vessels and 10 chartered vessels, with a total carrying capacity of approximately 2,020,000 tons as of June 30, 2024[11]. - The average daily charter rate for the fleet increased by 66% to USD 13,939 (approximately HKD 109,000) compared to USD 8,379 (approximately HKD 65,000) in the first half of 2023[6]. - The average daily charter rates for the Panama fleet and the ultra-large/very large flexible fleet were USD 17,478 (approximately HKD 136,000) and USD 13,560 (approximately HKD 106,000) respectively[17]. - The strong demand for bulk dry cargo and limited vessel supply contributed to the recovery of freight rates in the bulk shipping market[6]. - The company signed agreements to acquire two second-hand vessels and committed to purchase two new vessels in the first quarter of 2024, with a total purchase price of approximately USD 62,072,000[13]. - Two new shipbuilding contracts were signed in the second quarter of 2024, each costing USD 34,000,000, with delivery scheduled for 2026 and 2027[14]. Financial Position - The company's total assets increased to HKD 3,498,203,000 as of June 30, 2024, up from HKD 3,213,591,000 at the end of 2023[47]. - The company’s equity attributable to shareholders rose to HKD 1,236,641,000, compared to HKD 1,213,875,000 at the end of 2023, indicating a strengthening balance sheet[50]. - The company’s capital-to-debt ratio as of June 30, 2024, was 10%[4]. - The total amount of secured bank loans decreased from HKD 808,682,000 as of December 31, 2023, to HKD 624,438,000 as of June 30, 2024[23]. - The group has entered into agreements to acquire a Capesize vessel for $30,950,000, approximately HKD 241,410,000, which was delivered in August 2024[24]. - The total capital expenditure commitments, net of deposits paid, amounted to $122,867,000, approximately HKD 958,349,000 as of the report date[25]. Cash Flow and Investments - The net cash generated from operating activities for the first half of 2024 was HKD 236,521,000, significantly up from HKD 30,029,000 for the same period in 2023[22]. - The net cash used in investing activities amounted to HKD (190,796,000), compared to HKD (9,657,000) in the previous period[57]. - The net cash used in financing activities was HKD (235,838,000), compared to HKD (60,646,000) last year[58]. - The total cash outflow for leases was HKD 52,848,000 in the first half of 2024, compared to HKD 17,694,000 in the first half of 2023[20]. - The company committed to invest USD 10,000,000 (approximately HKD 78,000,000) in a property project in Shanghai, China[20]. Corporate Governance - The company has complied with the corporate governance code during the six months ending June 30, 2024, with deviations noted in specific sections[35]. - Three independent non-executive directors have served for over nine years, necessitating the appointment of a new independent non-executive director[38]. - The roles of the Chairman and the CEO are not clearly separated, which deviates from the corporate governance code[39]. - The company has not established an internal audit department due to its size and operational structure, with the audit committee performing internal audit functions as needed[41]. - All directors confirmed compliance with the trading standards for securities during the six months ending June 30, 2024[42]. Market Outlook - The company expects strong freight market conditions for the remainder of 2024 due to stable dry bulk shipping trade demand and favorable supply-demand dynamics[28]. - The company noted a significant disconnect between freight rates and vessel values, with limited berthing and increasing delivery times making new vessel orders more expensive[28]. - The company remains vigilant regarding economic, geopolitical, and unforeseen events that may impact business performance and asset valuations[28]. - The company will continue to seek opportunities to renew its fleet at reasonable prices to meet market and customer demands[28]. - The company emphasizes maintaining a solid financial position while pursuing growth strategies[28].

Financial Performance - The group recorded operating revenue of HKD 539,284,000 for the first half of 2024, an increase of 86% compared to HKD 290,370,000 in the same period of 2023[3]. - The net profit for the period was HKD 66,900,000, a significant recovery from a net loss of HKD 162,477,000 in the first half of 2023[3]. - Basic earnings per share for the period were HKD 0.053, compared to a basic loss per share of HKD 0.181 in the same period of 2023[3]. - Operating revenue from freight and chartering increased by 86% to HKD 539,284,000 compared to HKD 290,370,000 in the first half of 2023[13]. - The company reported a net profit attributable to shareholders of HKD 28,117,000 in the first half of 2024, compared to a net loss of HKD 95,911,000 in the same period of 2023[13]. - Total comprehensive income for the period amounted to HKD 57,292,000, a turnaround from a comprehensive loss of HKD 163,648,000 in the prior year[38]. - The company achieved a net profit of HKD 66,900,000 for the six months ended June 30, 2024, compared to a net loss of HKD 162,477,000 in the same period last year[39]. - The net profit for the six months ended June 30, 2024, was HKD 28,117,000, compared to HKD 38,783,000 for the same period in 2023, representing a decrease of 27.4%[43]. Operational Metrics - The average daily charter rate for the fleet increased by 66% to USD 13,939 (approximately HKD 109,000) compared to USD 8,379 (approximately HKD 65,000) in the first half of 2023[3]. - The Baltic Dry Index averaged 1,836 points in the first half of 2024, compared to 1,157 points in the same period of 2023[5]. - The daily operating cost of owned vessels decreased from USD 5,436 (approximately HKD 43,000) in the first half of 2023 to USD 5,115 (approximately HKD 40,000) in the first half of 2024[7]. - The group operated a fleet of 23 owned vessels and 10 chartered vessels, with a total carrying capacity of approximately 2,020,000 tons as of June 30, 2024[8]. - The average daily charter rates for the Panama fleet and the ultra-large/super-large fleet were reported at $17,478 (about HKD 136,000) and $13,560 (about HKD 106,000) respectively, with an overall average of $13,939 (about HKD 109,000)[13]. Capital Expenditures and Investments - The company acquired two second-hand vessels for a total price of approximately $62,072,000 (about HKD 484,165,000) and committed to purchasing two new vessels at $34,000,000 each (about HKD 265,200,000) for delivery in 2026 and 2027[10]. - The capital expenditure for new vessels and dry-docking was HKD 253,874,000 in the first half of 2024, compared to HKD 17,197,000 in the same period of 2023[23]. - The group has entered into agreements to acquire a Capesize vessel for approximately HKD 241,410,000, which was delivered in August 2024[24]. - The group has entered into a contract to acquire another Capesize vessel for approximately HKD 187,200,000, expected to be delivered in Q4 2024[26]. - The group’s capital commitments as of June 30, 2024, include unprovided capital expenditures of approximately HKD 217,269,000 related to a vessel acquisition[72]. Financial Position - The capital-to-debt ratio as of June 30, 2024, was 10%[1]. - The total amount of secured bank loans decreased from HKD 808,682,000 as of December 31, 2023, to HKD 624,438,000 as of June 30, 2024[21]. - The company's total equity increased to HKD 2,875,600,000 as of June 30, 2024, compared to HKD 2,818,308,000 at the end of 2023[41]. - The carrying value of right-of-use assets and lease liabilities as of June 30, 2024, were HKD 318,743,000 and HKD 379,451,000 respectively, compared to HKD 164,541,000 and HKD 227,281,000 as of December 31, 2023[12]. - The total liabilities as of June 30, 2024, were HKD 117,953,000, a decrease from HKD 128,259,000 as of December 31, 2023[67]. Cash Flow and Liquidity - The net cash generated from operating activities for the first half of 2024 was HKD 236,521,000, significantly up from HKD 30,029,000 in the same period of 2023[20]. - The group incurred a net cash outflow of HKD 190,796,000 for investing activities in the first half of 2024, compared to HKD 9,657,000 in the same period of 2023[20]. - The total cash outflow for leases in the first half of 2024 was HKD 52,848,000, compared to HKD 17,694,000 in the same period of 2023[17]. - The cash and cash equivalents decreased by HKD 190,113,000, compared to a decrease of HKD 40,274,000 in the previous year[44]. Corporate Governance - The board of directors has complied with the corporate governance code, with deviations explained in the report[30]. - Three independent non-executive directors have served for over nine years, and the company is in the process of identifying suitable candidates for new appointments[32]. - The roles of the chairman and the managing director are not separated, which deviates from the corporate governance code, but the board believes this arrangement benefits the company[33]. - The company has decided not to establish an internal audit department due to its size and operational structure, with the audit committee performing internal audit functions as needed[34]. - All directors have confirmed compliance with the trading standards for securities transactions as of June 30, 2024[35]. Market Outlook - The dry bulk shipping trade demand remains stable in 2024, with expectations for a strong freight market for the remainder of the year due to positive ton-mile effects and balanced supply-demand dynamics[29]. - New ship ordering has become increasingly expensive due to limited berths and longer delivery times, resulting in strong second-hand ship values[29]. - The company is positioned to benefit from a potential recovery in global economic activity, with a focus on seeking opportunities to renew the fleet at reasonable prices[29]. - The company will remain vigilant regarding economic, geopolitical, or unforeseen events that may impact business performance and asset valuations[29].

Financial Performance - Revenue from freight and chartering decreased by 46% to HKD 638,573,000 in 2023, compared to HKD 1,189,232,000 in 2022[5] - The company recorded a net loss of HKD 461,805,000 in 2023, including vessel impairment losses of HKD 109,286,000 and right-of-use asset impairment losses of HKD 44,406,000, compared to a net loss of HKD 70,179,000 in 2022[5] - Basic loss per share for 2023 was HKD 0.512, compared to HKD 0.086 in 2022[5] - The company reported a net loss of HKD 461,805,000 for the year, compared to a net profit of HKD 1,498,072,000 in the previous year[38] - The total comprehensive loss for the year amounted to HKD 475,104,000, reflecting a significant decline from previous years[38] - The net loss attributable to shareholders for 2023 was HKD 271,527,000, compared to a net loss of HKD 45,595,000 in 2022, indicating a worsening financial situation[155] Revenue and Market Conditions - The bulk shipping market faced challenges in 2023, with weak demand leading to soft freight rates for most of the year, although demand began to increase in Q4 2023[17] - For the year ending December 31, 2023, the company reported a revenue decrease of 46% to HKD 638,573,000 from HKD 1,189,232,000 in 2022 due to a weak shipping market[31] - Revenue from Asia (excluding China) accounted for 64.4% of total revenue in 2023, down from 83.2% in 2022[46] - Revenue from China increased to 15.0% in 2023, up from 7.0% in 2022, indicating a significant growth in this market[46] Fleet and Operational Efficiency - Average daily charter rates fell by 52% to USD 9,063 (approximately HKD 71,000) in 2023, down from USD 18,813 (approximately HKD 147,000) in 2022[5] - The fleet utilization rate increased from 96% in 2022 to 99% in 2023, indicating improved operational efficiency[31] - The daily operating cost per vessel decreased from USD 5,656 (approximately HKD 44,000) in 2022 to USD 5,569 (approximately HKD 43,000) in 2023, primarily due to lower crew costs[31] - The average daily time charter rates for the super handymax fleet dropped to USD 8,892 in 2023 from USD 18,681 in 2022, highlighting market challenges[149] Corporate Governance - The company is in the process of appointing a new independent non-executive director to comply with corporate governance codes[73] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced governance structure[83] - The company emphasizes improving corporate governance to enhance decision-making and transparency for shareholders[76] - The nomination committee, established on January 1, 2013, currently comprises three independent non-executive directors, ensuring independent oversight in director appointments[90] - The board's composition and the effectiveness of the diversity and nomination policies were reviewed, and deemed effective and appropriate[91] Cost Management and Future Strategies - The company plans to continue efforts to reduce costs and maintain a competitive cost structure compared to other market participants[31] - The company is actively seeking to modernize its fleet by acquiring a new super handymax vessel and selling three older vessels[5] - The company aims to maintain a flexible chartering policy to balance long-term contracts with opportunities for spot contracts as market conditions improve[7] - The company is focusing on expanding its customer base across a balanced and diverse geographical region, particularly in Asia[45] Employee and Community Engagement - The company had 66 full-time employees as of December 31, 2023, an increase from 65 in 2022, with 37 male and 29 female employees[125] - The percentage of serious work-related injuries in 2023 was 0.5%, a slight decrease from 0.6% in 2022, with only 12 workdays lost due to injuries compared to 61 in the previous year[132] - The company’s charity donations amounted to HKD 79,000 in 2023, down from HKD 91,000 in 2022, indicating a potential shift in community investment strategy[142] Asset Management - As of December 31, 2023, the company owned 23 self-owned vessels and employed 544 crew members[11] - As of December 31, 2023, the company's non-current assets amounted to HKD 3,213,591, a decrease from HKD 3,714,794 in 2022[75] - The company's net asset value decreased to HKD 2,818,308 from HKD 3,319,124 in 2022, representing a decline of about 15%[75] - The fair value of investment properties decreased from HKD 373,330,000 in 2022 to HKD 339,680,000 in 2023[192]