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，並明確表示不會就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。 CSC HOLDINGS LIMITED 中 策 資 本 控 股 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：235） 截至二零二二年十二月三十一日止年度之 全年業績公佈 中策資本控股有限公司（「本公司」）之董事會（「董事會」）謹此公佈本公司及其附屬 公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合業績 連同比較數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收入 3 323,579 423,994 貿易收入 188,301 222,394 股息收入 540 987 利息收入 130,669 194,015 佣金、手續費收入及其他 4,069 6,598 ...

(Incorporated in Hong Kong with limited liability) (Stock Code: 235) Interim Report 2022 中期報告 Interim Report 2022 中 策 集 團有限公司 China Strategic Holdings Limited 咪 中期報 告 2022 kas | --- | --- | |-------|------------------------------| | | | | | 目錄 | | 3 | 公司資料 | | 4 | 管理層討論及展望 | | 16 | 中期財務資料審閱報告 | | 17 | 簡明綜合損益及其他全面收益表 | | 18 | 簡明綜合財務狀況表 | | 19 | 簡明綜合權益變動表 | | 20 | 簡明綜合現金流量表 | | 21 | 簡明綜合財務報表附註 | | 44 | 其他資料 | 簡稱 於本中期報告內，除文義另有所指外，下列簡稱具有以下涵義： | --- | --- | --- | |--------------------|-------|------------------- ...

Financial Performance - The company recorded a revenue increase of 65% to HKD 423,994,000 for the fiscal year 2021, compared to HKD 256,347,000 in 2020[14]. - The company reported a loss attributable to shareholders of HKD 3,583,297,000, a significant decline from a profit of HKD 2,283,187,000 in the previous year[14]. - Basic loss per share for the year was HKD 0.1758, compared to earnings of HKD 0.1329 per share in 2020[14]. - The total comprehensive expenses attributable to shareholders were HKD 3,535,049,000, compared to total comprehensive income of HKD 2,294,579,000 in 2020[15]. - The overall loss from securities investments amounted to HKD 3,970,273,000, compared to a profit of HKD 2,939,628,000 in 2020[14]. - The group reported a significant increase in trading business revenue, rising over 53 times to HKD 222,394,000 in the fiscal year 2021, compared to HKD 4,062,000 in 2020, with a profit of HKD 180,000, reversing a loss of HKD 165,000 in the previous year[82]. - The lending business recorded a revenue decrease of 17% to HKD 150,330,000 in the fiscal year 2021, down from HKD 180,764,000 in 2020, but turned a profit of HKD 123,434,000 compared to a loss of HKD 27,348,000 in 2020[85]. - The securities brokerage business saw a revenue increase of 94% to HKD 12,799,000 in the fiscal year 2021, up from HKD 6,590,000 in 2020[99]. Investment Strategy - The group’s investment strategy focuses on long-term capital appreciation and dividend income for long-term securities, while short-term investments are evaluated based on market sentiment[25]. - The group confirmed a dividend income of HKD 987,000 from its equity securities during the fiscal year, down from HKD 7,033,000 in 2020[28]. - The group plans to continue exploring new business opportunities to further enhance performance in the trading sector[82]. - The company plans to explore new business and investment opportunities in the current uncertain economic environment[16]. Market Conditions and Challenges - The company faced unprecedented business challenges due to the ongoing COVID-19 pandemic and increased political and economic tensions between China and the US[14]. - The management continues to adopt a prudent and rigorous approach in managing the business amid ongoing market uncertainties due to the COVID-19 pandemic and geopolitical tensions[16]. - The competitive environment in lending, coke product trading, and securities brokerage has put pressure on revenue and profitability, prompting the group to focus on expanding market share[119]. - The group faces financial risks related to interest rates, stock prices, foreign currencies, credit, and liquidity, with management policies in place to mitigate these risks[120]. Asset Management - The total assets of the group as of December 31, 2021, included the financial asset portfolio valued at HKD 26,632,000[33]. - The group's securities investments as of December 31, 2021, included a financial asset portfolio valued at HKD 26,632,000, a significant decrease from HKD 4,073,317,000 in 2020[25]. - The net loss from financial assets measured at fair value through profit or loss was HKD 3,674,811,000, which included realized losses of HKD 3,669,926,000[28]. - The group recognized a net loss of HKD 268,398,000 on its debt instruments due to a decline in market value, compared to a loss of HKD 29,768,000 in the previous year[52]. Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code during the year[191]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2021, which were approved by the board[184]. - The independent non-executive directors have confirmed their independence according to the listing rules[196]. - The company adopts a dual leadership structure, separating the roles of chairman and CEO to enhance governance[200]. Employee and Operational Management - The workforce was reduced to 48 employees from 60 in 2020, with total employee costs amounting to HKD 30,537,000, up from HKD 27,630,000 in the previous year[115]. - The company maintained sufficient financial resources to support ongoing operations, leveraging its liquid assets and credit facilities[107]. - The company has established a clear credit policy and monitoring procedures to assess and manage credit risk effectively[92]. Shareholder Relations - The management expressed gratitude to shareholders, investors, and partners for their continued support during the challenging year[19]. - The company reported a retained profit of HKD 42,953,000 available for distribution to shareholders as of December 31, 2021[152]. - Revenue from the top five customers accounted for approximately 68% of total revenue, with the largest customer contributing about 52%[153]. - The company did not recommend a final dividend for the year ending December 31, 2021, consistent with the previous year[144].

Financial Performance - The company recorded a revenue increase of 127% to HKD 325,476,000 for the first half of 2021, compared to HKD 143,085,000 for the same period in 2020[11]. - The company reported a loss attributable to owners of HKD 196,625,000, a significant decline from a profit of HKD 51,651,000 in the previous year[11]. - The group's revenue for the first half of 2021 increased by 53% to RMB 6,923,244,000 compared to the same period in 2020[24]. - The net loss for the same period increased by 96% to RMB 4,821,626,000[24]. - The company reported a net loss of HKD (196,625,000) for the six months ended June 30, 2021, compared to a profit of HKD 51,651,000 for the same period in 2020, marking a substantial shift in financial performance[96]. - The company's basic loss per share was HKD 0.96 for the first half of 2021, compared to earnings of HKD 0.30 per share in the same period of 2020[75]. Investment Performance - The company experienced a loss of HKD 148,094,000 from securities investments, compared to a profit of HKD 291,996,000 in the same period last year[14]. - The net loss from financial assets at fair value through profit or loss was HKD 152,895,000, primarily due to a decrease in the fair value of the listed equity securities held by the group, including a loss of HKD 173,680,000 from investment in Evergrande Auto[15]. - The group held financial assets at fair value through profit or loss amounting to HKD 3,920,722,000 as of June 30, 2021, generating income of HKD 271,000 in the first half of 2021, a significant decrease from HKD 4,608,000 in the same period of 2020[15]. - The group's investment in Evergrande Auto saw a valuation drop of 82% from HKD 3,861,040,000 to HKD 692,048,000 as of the report date, reflecting significant market concerns[18]. - The group plans to monitor the financial performance of its financial assets closely and may consider selling part or all of its investment in Evergrande Auto depending on market conditions[18]. Debt and Liabilities - The company’s total liabilities were HKD 2,494,658,000 as of June 30, 2021, compared to HKD 2,542,650,000 on December 31, 2020[80]. - The company’s capital-to-debt ratio was approximately 44% as of June 30, 2021, compared to 43% on December 31, 2020[80]. - The total liabilities decreased from HKD 1,611,842,000 as of December 31, 2020, to HKD 1,600,330,000 as of June 30, 2021, indicating a reduction of approximately 0.73%[94]. - The total expected credit loss (with credit impairment) was HKD 414,099,000 as of June 30, 2021[142]. Operational Insights - The company continues to operate in a complex business environment, influenced by global economic recovery and geopolitical tensions[11]. - The management remains cautious in business operations amid uncertainties from new COVID-19 variants and international relations[11]. - The company is focused on long-term capital appreciation and dividend income for its securities investments[12]. - The management is optimistic about benefiting from the recovery of major economies like China, the US, and the UK[11]. - The group is exploring new business opportunities to improve operational performance[64]. Cash Flow and Assets - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (39,645,000), compared to HKD 1,542,996,000 for the same period in 2020, indicating a significant decrease in cash flow from operations[98]. - As of June 30, 2021, total assets amounted to HKD 7,709,429,000, a decrease from HKD 8,000,306,000 as of December 31, 2020, representing a decline of approximately 3.63%[94]. - The company's cash and cash equivalents stood at HKD 2,243,859,000 as of June 30, 2021, slightly decreasing from HKD 2,277,270,000 as of December 31, 2020[165]. - The company’s non-current assets totaled HKD 512,627,000 as of June 30, 2021, an increase from HKD 481,392,000 as of December 31, 2020, representing a growth of about 6.03%[94]. Employee and Operational Costs - The company's employee costs rose to HKD 15,419,000, up from HKD 11,513,000 in the prior year, reflecting a 34.5% increase in personnel expenses[86]. - The total remuneration for directors increased to HKD 4,157,000 for the six months ended June 30, 2021, compared to HKD 3,248,000 for the same period in 2020, reflecting a rise of approximately 27.87%[194]. Shareholder Information - The company issued 3,397,540 shares during the period, increasing the total issued and paid-up shares to 20,385,254 as of June 30, 2021[181]. - No dividends were declared or proposed during the interim period, consistent with the previous year[122]. - The average number of ordinary shares for calculating basic loss per share increased to 20,385,254 shares from 16,987,714 shares in the previous year[125].

G 中策集團有限公司 China Strategic Holdings Limited (於香港註冊成立之有限公司) (股份代號: 235) 年報2020 kas | --- | --- | --- | --- | --- | |-------|-------|-------|-------|--------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目 錄 | | | | | 3 | 公司資料 | | | | | 4 | 主席報告書 | | | | | 6 | 管理層討論及分析 | | | | | 18 | 董事履歷 | | | | | 22 | 董事會報告 | | | | | 30 | 企業管治報告 | | | | | 42 | 環境、社會及管治報告 | | | | | 63 | 獨立核數師報告 | | | | | 69 | 綜合損益及其他全面收益表 | | | | | 70 | 綜合財務狀況表 | | | | | 72 | ...

G 中策集團有限公司 China Strategic Holdings Limited (於香港註冊成立之有限公司) (股份代號: 235) 中期 報告 2020 kas 3 4 17 18 19 20 21 22 | --- | --- | |-------|------------------------------| | | | | | 目 錄 | | | 公司資料 | | | 管理層討論及展望 | | | 中期財務資料審閱報告 | | | 簡明綜合損益及其他全面收益表 | | | 簡明綜合財務狀況表 | | | 簡明綜合權益變動表 | | | 簡明綜合現金流量表 | | | 簡明綜合財務報表附註 | | | 其他資料 | 42 簡稱 於本中期報告內，除文義另有所指外，下列簡稱具有以下涵義： | --- | --- | --- | |--------------------|-------|--------------------------------------------------------| | | | | | 「董事會」 | 指 | 本公司之董事會 | | 「本公司」 | 指 | 中策集團 ...

Financial Performance - The company's revenue decreased by 47% to HKD 779,962,000 compared to HKD 1,477,776,000 in the previous year[11] - The loss attributable to the company's owners was HKD 322,947,000, a significant decline from a profit of HKD 708,790,000 in the previous year[11] - Basic loss per share was HKD 1.90, compared to a basic earnings per share of HKD 4.17 in the previous year[11] - Sales from the trading business dropped by 63% to HKD 396,108,000 from HKD 1,072,587,000 in the previous year[12] - The overall loss from securities investments was HKD 336,341,000, compared to a profit of HKD 735,422,000 in the previous year[12] - The company recorded a total comprehensive expense of HKD 276,193,000, down from a total comprehensive income of HKD 585,625,000 in the previous year[12] - The company continues to generate profits from its lending and securities brokerage businesses, with profits of HKD 128,293,000 and HKD 6,292,000 respectively[12] Investment Performance - As of December 31, 2019, the group's securities investments included a financial asset portfolio valued at HKD 1,454,098,000, down from HKD 2,092,411,000 in 2018, representing a decrease of approximately 30.5%[21] - The group recorded total income from securities investments of HKD 100,664,000 in 2019, a decline of 17.5% compared to HKD 122,084,000 in 2018, alongside a net loss of HKD 336,341,000 compared to a profit of HKD 735,422,000 in the previous year[21] - The financial asset portfolio generated income of HKD 27,319,000, an increase of 29.5% from HKD 21,103,000 in 2018, primarily from dividends of HKD 22,491,000 and interest income of HKD 4,828,000[24] - The net loss from financial assets at fair value through profit or loss was HKD 436,888,000, significantly down from a net gain of HKD 619,093,000 in 2018, largely due to market volatility affecting the fair value of listed equity securities[24][25] - The group's investment in Evergrande Health accounted for 71.39% of the total fair value of the financial asset portfolio, with a carrying value of HKD 1,038,072,000, representing about 20% of the group's total assets[28] - The group remains optimistic about the long-term prospects of its investment in Evergrande Health despite anticipated losses due to ongoing investments in new energy vehicle development[26] Business Outlook and Strategy - The management anticipates a challenging business outlook for 2020 due to the impact of the COVID-19 pandemic on the global economy[13] - The company plans to adopt a cautious approach in managing its business and seizing opportunities to create value for shareholders[13] - The group's investment strategy includes close monitoring of financial performance and future prospects of invested companies[31] - The group plans to continue its focus on innovative healthcare services and the development of new energy vehicles[34] - The group aims to leverage financial technology to enhance service quality and capitalize on emerging market opportunities[34] Revenue and Profitability Trends - The group recorded a loss of HKD 48,673,000 during the six-month period, reflecting a 57% decrease in revenue compared to the same period in 2018[43] - The revenue from property leasing and development services decreased by 19% to HKD 1,238,031,000 for the six months ended September 30, 2019, compared to the same period in 2018[46] - The group's trading business revenue decreased by approximately 63% to HKD 396,108,000 (2018: HKD 1,072,587,000), with profit dropping over 74% to HKD 2,288,000 (2018: HKD 8,740,000) due to trade disputes between the US and China and overall economic slowdown in Europe[63] Financial Position - The group's total liabilities amounted to HKD 1,825,502,000, down from HKD 2,416,401,000 in the previous year, leading to a capital-to-debt ratio of approximately 54%[74] - The group's current assets were HKD 4,185,622,000, a decrease from HKD 4,987,044,000 in the previous year, with a current ratio of about 2.3[69] - The group's equity attributable to owners decreased to HKD 3,369,789,000 from HKD 3,645,982,000, reflecting the impact of the loss incurred during the year[70] Governance and Compliance - The company has complied with relevant laws and regulations, with no significant violations reported during the review period[88] - The company has maintained a consistent approach to governance and compliance, ensuring all directors are covered by appropriate liability insurance[120] - The company has established a policy for handling and disclosing inside information to prevent any unfair advantage in securities trading[189] - The company has engaged an independent professional firm to assess its risk management and internal control systems, with recommendations for improvements provided[188] Human Resources - The group had 46 employees as of December 31, 2019, down from 55 in 2018, with total employee costs amounting to HKD 24,975,000, a decrease from HKD 31,278,000 in 2018[82] - The remuneration policy is based on employee capabilities, performance, experience, and current market conditions[136] - The company encourages continuous professional development for all directors to enhance their knowledge and skills[154] Shareholder Information - The company reported a retained profit of HKD 66,159,000 available for distribution to shareholders as of December 31, 2019[114] - Revenue from the top five customers accounted for approximately 50% of total revenue, with the largest customer contributing about 18%[115] - The company did not recommend a final dividend for the year ending December 31, 2019, consistent with the previous year[106] Risk Factors - The group faces significant business risks due to the global economic conditions and international financial markets, which are beyond its control and can significantly impact its financial performance[83] - Financial risks related to interest rates, stock prices, foreign currencies, credit, and liquidity are present in the group's daily operations[85] Board and Management Structure - The company’s board consists of a mix of executive and independent non-executive directors, ensuring a balance of power and oversight[158] - The chairman and CEO roles are separated, with Dr. Ko serving as chairman and Mr. Su as CEO, to enhance governance[159] - The company has established a share option scheme as detailed in the financial statements[130]

Financial Performance - The group's revenue decreased by 46% to HKD 604,991,000 for the six months ended June 30, 2019, compared to HKD 1,126,865,000 for the same period in 2018[11]. - The group recorded a loss attributable to owners of the company of HKD 139,502,000, compared to a profit of HKD 437,199,000 in the previous period[11]. - The loss per share for the interim period was HKD 0.82, down from a profit of HKD 2.57 per share in the same period last year[11]. - The overall investment securities business recorded a loss of HKD 253,713,000, compared to a profit of HKD 461,400,000 in the same period last year[13]. - The group reported net losses of HKD 304,339,000 from financial assets measured at fair value through profit or loss, compared to net gains of HKD 405,588,000 in the same period last year[15]. - The group recorded a total unrealized loss of HKD 298,834,000 for the six-month period ending June 30, 2019[21]. - The company reported a total loss for the period of HKD 139,502,000, compared to a loss of HKD 218,789,000 before tax[138]. - The company’s total comprehensive income for the period was HKD (91,198,000), a significant decline from HKD 321,799,000 in the previous year[85]. Investment Securities - The investment securities business held financial assets valued at HKD 1,784,912,000 as of June 30, 2019, down from HKD 2,092,411,000 as of December 31, 2018[13]. - The group generated income of HKD 50,367,000 from its investment securities business, down from HKD 57,700,000 in the previous year[13]. - Dividend income from equity securities amounted to HKD 11,781,000, up from HKD 5,696,000 in the previous year[15]. - The fair value loss of the group's listed equity securities portfolio amounted to HKD 245,824,000 during the interim period, compared to a fair value gain of HKD 528,776,000 in the same period last year[16]. - The group's financial assets measured at fair value through profit or loss amounted to HKD 1,784,912,000 as of June 30, 2019, down from HKD 2,092,411,000 as of December 31, 2018[169]. Revenue Segments - Revenue from the logistics and warehousing segment increased by 53% to RMB 738,574,000, with profit for the period recorded at RMB 188,147,000[30]. - The healthcare management segment saw a revenue increase of 132% to RMB 2,648,402,000, despite a loss of RMB 1,984,188,000 for the period[33]. - The infrastructure segment reported a 32% revenue increase to RMB 333,771,000, with profit for the period at RMB 474,970,000[33]. - The trading of coke products generated revenue of HKD 388,604,000, down from HKD 587,296,000 in the previous year, representing a decline of 33.8%[134]. Assets and Liabilities - Current assets at the end of the period were HKD 4,565,844,000, down from HKD 4,987,044,000 at the end of 2018, with a current ratio of approximately 5.4[59]. - The capital debt ratio was approximately 66%, with total liabilities of HKD 2,349,162,000 and equity attributable to owners of HKD 3,554,784,000[64]. - Non-current assets increased to HKD 1,338,102,000 as of June 30, 2019, up from HKD 1,075,339,000 at the end of 2018, representing a growth of 24.4%[83]. - The company's total liabilities increased slightly to HKD 2,349,162,000 from HKD 2,416,401,000, indicating a decrease of 2.8%[83]. - The net asset value of the company was HKD 3,554,784,000 as of June 30, 2019, down from HKD 3,645,982,000 at the end of 2018, a decrease of 2.5%[83]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2019, was HKD (69,907) thousand, compared to HKD (449,036) thousand for the same period in 2018, indicating a significant improvement[89]. - The net cash generated from financing activities was HKD (82,138) thousand, a decrease from HKD 268,905 thousand in the previous year, primarily due to increased loan repayments[89]. - Cash and cash equivalents decreased by HKD 40,397 thousand, compared to a decrease of HKD 106,610 thousand in the prior year, reflecting better cash management[89]. - The company recognized interest income of HKD 438 thousand, an increase from HKD 326 thousand in the previous year, indicating improved investment returns[89]. - The effective interest expense for the period was HKD 72,481,000, a decrease of 46.6% compared to HKD 135,910,000 in the previous year[194]. Strategic Focus and Future Outlook - The company plans to continue focusing on high-quality investments in Europe and Asia, aiming to provide stable rental income and investment returns[30]. - The company is committed to enhancing its market competitiveness through strategic transformation and optimizing its business model[27]. - The group aims to maintain a balanced asset portfolio strategy between recurring income sources and growth opportunities[73]. - The group plans to closely monitor the financial performance of its financial assets portfolio and make investment decisions based on internal assessments and publicly available information[26]. - The company anticipates further growth driven by new market opportunities and stable rental income sources[33]. Accounting Standards and Compliance - The company has adopted new accounting standards, including HKFRS 16 on leases, which may impact future financial reporting and asset management strategies[95]. - The application of HKFRS 16 has led to changes in accounting policies, particularly in how lease liabilities and right-of-use assets are recognized[96]. - The total liabilities related to lease obligations recognized under HKFRS 16 amounted to HKD 15,926,000, with current liabilities at HKD 7,820,000 and non-current liabilities at HKD 8,106,000[126].

( 於香港註冊成立之有限公司) ( 股份代號：235 ) 年 報 2018 目 錄 公司資料 3 主席報告書 4 管理層討論及分析 6 董事履歷 21 董事會報告 24 企業管治報告 30 環境、社會及管治報告 40 獨立核數師報告 48 綜合損益及其他全面收益表 54 綜合財務狀況表 55 綜合權益變動表 57 綜合現金流量表 58 綜合財務報表附註 60 140 五年財務概要 中策集團有限公司 年 報 2018 簡稱 2 | --- | --- | --- | |------------------------------------------------------|-------|---------------------------------------------------------| | | | | | 於本年報內，除文義另有所指外，下列簡稱具有以下涵義： | | | | 「董事會」 | 指 | 本公司之董事會 | | 「本公司」 | 指 | 中策集團有限公司 | | 「董事」 | 指 | 本公司之董事 | | 「本集團」 | 指 | 本公司及其附屬公司 | | 「香港公司條例」 | 指 ...