Core Viewpoint - *ST Jianyi (002789.SZ) announced the transfer of its controlling shareholder, Zhuhai Zhengfang Group Co., Ltd., to Guangdong Xiangshan Holding Group Co., Ltd., which will manage it as a secondary company. This transfer does not change the controlling shareholder or the actual controller, and the company's governance structure remains unaffected. The operational activities of the company will not experience substantial impact from this transfer [1]. Group 1 - The transfer of Zhuhai Zhengfang Group is a non-compensatory action by the Zhuhai Xiangzhou District State-owned Assets Supervision and Administration Office [1]. - The company’s controlling shareholder remains Zhuhai Zhengfang Group, and the actual controller continues to be the Zhuhai Xiangzhou District State-owned Assets Supervision and Administration Office [1]. - The completion of the industrial and commercial change procedures has been confirmed [1].

Core Viewpoint - *ST Jianyi (002789.SZ) reported a total new contract amount of 153 million yuan in the decoration and renovation business for the second quarter of 2025 [1] Group 1 - The company disclosed its performance in the decoration and renovation sector for the second quarter of 2025 [1] - The total new contracts signed amounted to 153 million yuan [1]

Core Viewpoint - Huayuan Holdings reported impressive financial results for 2024, with significant growth in net profit and net profit excluding non-recurring gains, indicating effective operational strategies and cost control [2][3]. Financial Performance - In 2024, Huayuan Holdings achieved operating revenue of 2.449 billion yuan, a year-on-year increase of 1.6% [2]. - The net profit attributable to the parent company reached 70.737 million yuan, a substantial year-on-year increase of 739% [2]. - The net profit excluding non-recurring gains was 59.297 million yuan, reflecting a remarkable year-on-year growth of 1358.48% [2]. - Basic earnings per share were 0.22 yuan, up 633.33% year-on-year [2]. - The company successfully turned around from a loss in the previous year, with a net profit of 12.0676 million yuan in the fourth quarter [2]. Operational Strategies - Huayuan Holdings implemented comprehensive internal reforms, focusing on cost control through optimized production processes and refined management to reduce resource waste [3]. - The company strengthened supply chain management by establishing long-term partnerships with quality suppliers to secure better procurement prices [3]. - Multiple production bases were set up in cities like Suzhou, Guangzhou, Tianjin, and Chengdu, enhancing production efficiency and reducing logistics costs [3]. Product Development - The company concentrated on the research and production of high value-added products, with R&D investment reaching 89.2572 million yuan, accounting for 3.64% of operating revenue [3]. - Huayuan Holdings has obtained over 400 authorized patents, including more than 70 invention patents, showcasing its commitment to technological innovation [3]. Market Environment - The packaging industry is experiencing sustained growth due to rising consumer demand and the development of the manufacturing sector [3][6]. - Huayuan Holdings is strategically positioning itself in emerging fields, such as components for new energy vehicles, and has successfully launched a battery precision component business [3][6]. - The company has attracted high-end clients like Nippon Paint and Akzo Nobel, enhancing its brand image and market competitiveness [5]. Industry Outlook - The packaging industry is benefiting from economic globalization and domestic industrial upgrades, with increasing demands for product quality and performance [6]. - New industries, such as new energy and high-end equipment manufacturing, are creating new market opportunities for the packaging sector [6]. - Despite the promising outlook, competition in the high-end packaging market is intensifying, necessitating continuous innovation and service optimization by Huayuan Holdings to maintain its competitive edge [6].

Financial Performance - Revenue for 2023 was RMB 2,569.5 million, a decrease of 21.2% from RMB 3,263.6 million in 2022[14]. - Consolidated net profit for 2023 was RMB 25.3 million, down from RMB 72.1 million in 2022, representing a decline of 64.9%[14]. - Basic and diluted earnings per share decreased to 0.41 RMB cents in 2023 from 1.16 RMB cents in 2022[14]. - The company experienced a significant decline in profit attributable to equity shareholders, dropping to RMB 25.3 million in 2023 from RMB 72.1 million in 2022[14]. - The Group's revenue for the year ended December 31, 2023, was about RMB 2,569.5 million, representing a decrease of about RMB 694.1 million or 21.3% compared to the previous year[46]. - The consolidated net profit for 2023 was about RMB 25.3 million, a decrease from RMB 72.1 million in 2022[79]. Operational Efficiency - Adjusted gross profit margin improved to 15.4% in 2023 from 11.1% in 2022[14]. - The cost of sales decreased by about RMB 822.1 million or 28.6% to approximately RMB 2,054.2 million in 2023[46]. - The Group aims to enhance its global resource allocation capabilities and comprehensive capabilities in R&D, manufacturing, and services in response to the complex economic environment[25]. - The Group's operational resilience and asset quality stabilization are prioritized in its development strategy[25]. - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[14]. Cash Flow and Assets - Net cash generated from operating activities increased significantly to RMB 349.3 million in 2023, compared to RMB 76.8 million in 2022[14]. - As of December 31, 2023, the outstanding balances of trade receivables and contract assets amounted to RMB 5,123.7 million, a decrease from RMB 5,880.8 million as of December 31, 2022[71]. - The net current assets decreased by about RMB 138.4 million or 45.0% to approximately RMB 169.4 million as of December 31, 2023[81]. - Cash and cash equivalents increased by about RMB 55.0 million or 25.1% to approximately RMB 274.5 million as of December 31, 2023[83]. - The expected credit losses of financial and contract assets increased by about RMB 99.6 million to approximately RMB 123.6 million, accounting for 4.8% of the Group's revenue[56]. Market and Project Development - The total amount of newly-awarded projects increased by approximately RMB 2,712.2 million or 126.9% compared to the previous year, reaching about RMB 4,849.6 million in 2023[34]. - The number of domestic projects increased to 100, with a total value of RMB 2,220.6 million, while overseas projects numbered 34, valued at RMB 2,629.0 million[36]. - Management indicated plans for potential market expansion and new product development in the upcoming fiscal year[14]. - The Group's focus for 2024 includes gaining insight into potential market opportunities and increasing efforts in open and international operations[25]. Corporate Governance - The company has adopted the Corporate Governance Code (CG Code) and complied with all provisions for the year ended December 31, 2023[170]. - The Board consists of eight members, including four executive directors and four independent non-executive directors[177]. - The company emphasizes a customer-oriented and technology-led business philosophy to enhance shareholder value[168]. - The company regularly reviews its corporate governance practices to ensure compliance with the CG Code[170]. - The company has established effective management incentive policies and competitive remuneration packages, which include basic salary, allowances, medical insurance, pension contributions, and discretionary bonuses[132]. Human Resources - The Group's total number of full-time employees decreased to 2,376 as of December 31, 2023, down from 2,511 in the previous year, due to headcount optimization[132]. - The Board has a diverse composition with members having experience in budget management, financial reporting, and risk oversight[182]. - The Nomination Committee is responsible for identifying suitable candidates for directorships based on integrity, experience, and diversity[194]. Future Plans and Investments - The Group did not have any material acquisitions or significant investments during the Reporting Period[113][114]. - There are currently no major investment or capital asset plans for the future as of the report date[125]. - The remaining proceeds amount to approximately HKD 339 million, which the Group plans to utilize within the next 1 to 5 years[126][130].

Financial Performance - For the six months ended September 30, 2023, the company reported total revenue of HKD 10,428,839, a decrease of 65.6% compared to HKD 30,367,740 for the same period in 2022[4] - The company's operating loss for the period was HKD 24,793,636, contrasting with an operating profit of HKD 6,356,747 in the prior year[4] - The total comprehensive loss attributable to equity holders was HKD 42,585,276, compared to a profit of HKD 3,147,880 in the same period last year[4] - The fair value loss on investment properties was HKD 22,300,000, compared to a loss of HKD 7,100,000 in the previous year, indicating a significant decline in property valuations[4] - The company reported an unaudited loss attributable to equity holders of HKD 42.6 million for the six months ended September 30, 2023, compared to a profit of HKD 3.1 million in the same period last year[51] - The significant decline in profit was primarily due to a fair value loss of HKD 49.5 million from investment properties, compared to a fair value loss of HKD 20.7 million in the previous year[51] - The company's realized profit from property sales decreased to HKD 2.7 million, down from HKD 22.1 million in the same period last year[53] Assets and Liabilities - As of September 30, 2023, total assets amounted to HKD 1,310,213,167, a decrease from HKD 1,340,836,495 as of March 31, 2023[5] - Total liabilities rose to HKD 144,557,545 from HKD 104,774,797, indicating an increase in financial obligations[6] - The total equity attributable to equity holders decreased to HKD 1,165,655,622 from HKD 1,236,061,698, reflecting the impact of losses during the period[8] - The net current assets decreased to HKD 182,560,716 from HKD 213,086,211, indicating a decline in short-term financial health[6] Cash Flow and Dividends - The company's cash and bank balances increased to HKD 322,965,411 from HKD 313,875,081, reflecting a positive cash flow position[5] - The net cash generated from operating activities was HKD 3,095,963, significantly lower than HKD 21,568,676 in the prior year[10] - The company declared an interim dividend of HKD 13,305,600, consistent with the previous year[4] - The company declared an interim dividend of HKD 0.11 per share for the six months ended September 30, 2023, consistent with the dividend declared in the same period of 2022[34] - The company did not declare dividends to equity holders during this period, contrasting with HKD 27,820,800 paid in the previous year[10] Economic Environment - The local economy is recovering with a GDP growth of 4.1% year-on-year in Q3 2023, although the government has revised the full-year GDP forecast down to 3.2%[56] - The unemployment rate remains relatively low at 2.9%, while private consumption expenditure recorded a modest growth of 6.3%[56] - The company plans to act cautiously in response to ongoing economic challenges and reduced investment appetite in the current high-interest-rate environment[56] Corporate Governance and Compliance - The company is currently under a trading suspension, pending compliance with all resumption guidance from the stock exchange[68] - The company is at risk of having its listing status revoked if it fails to meet the stock exchange's resumption requirements by March 14, 2024[68] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial information for the six months ending September 30, 2023[75] - All directors have confirmed compliance with the standards of conduct for securities transactions during the reporting period[72] - The company has adhered to the corporate governance code as per the listing rules, except for the separation of roles between the chairman and the CEO[71] Shareholder Information - Major shareholders include Gao Wei Development Limited with 46,953,629 shares (38.82%) and Gong Su Xia with 66,277,229 shares (54.79%) as of September 30, 2023[65] - The total equity held by directors and senior management includes 66,277,229 shares (54.79%) held by Zhong Qi Wei[60] Employee and Remuneration - As of September 30, 2023, the total employee cost, including director remuneration, was HKD 4.1 million, an increase from HKD 3.8 million in 2022[57] - Employee remuneration is determined based on individual performance and market trends, with discretionary bonuses linked to group performance[57] - The remuneration policy is regularly reviewed by the board and the compensation committee for directors and senior management[57] Investment and Development - The company is exploring opportunities to develop a feasible plan for resuming trading of its shares, which were suspended since September 15, 2022[47] - The company faced challenges in its leasing business due to increased maintenance costs and continued rent reductions[53] - The group has no significant contingent liabilities as of the reporting date[59] - The group has no debt, with a capital-to-debt ratio of zero, maintaining the same status as in 2022[59] - The group has no significant foreign exchange risk, except for RMB bank deposits[59] - The company has not made any announcements regarding new product development or market expansion strategies in the recent reports[68] - There are no significant updates on mergers or acquisitions mentioned in the recent reports[68]

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告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 華 厦 置 業 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：278） 中 期 業 績 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 華厦置業有限公司（「本公司」）董事會（「董事會」）宣布，本公司及其附屬公司（「本集 團」）與應佔其聯營公司截至二零二三年九月三十日止六個月未經審核之綜合中期業績連同 上年度同期之比較數字如下： - 1 - 未經審核簡明綜合全面收益表 截至二零二三年九月三十日止六個月 | --- | |-------| | | | 附註 | 收益 三 10,428,839 30,367,740 投資物業之公平值變動 (22,300,000) (7,100,000) 按公平值計入損益賬之金融資產之公平值虧損淨額 - (471,460) 其他虧損 四 (4,904,533) (8,991,163) 獲取收入之物業之直接開支 (507,786) (1,389,026 ...

Financial Performance - For the fiscal year ending March 31, 2023, the profit attributable to equity holders was HKD 19,756,175, a decrease of 49% from HKD 38,980,362 in 2022[18] - The earnings per share for the year was HKD 0.16, down from HKD 0.32 in the previous year[18] - The group's revenue for the year ended March 31, 2023, was HKD 38.6 million, a 390% increase compared to the previous year, primarily due to the sale of a property interest and increases in rental and interest income[20] - Profit attributable to equity holders decreased by 49.3% to HKD 19.8 million, with earnings per share at HKD 0.16, down from HKD 0.32 last year[20] - The group recorded a fair value loss of HKD 20.8 million on investment properties, compared to a profit of HKD 3 million in 2022[20] - Rental income from operations showed a slight improvement, contributing an additional HKD 0.8 million to the group's net profit[22] - The group experienced a foreign exchange loss of HKD 9.7 million due to the depreciation of the RMB against the HKD[24] Dividends - The board proposed a final dividend of HKD 0.11 per share and a special dividend of HKD 0.12 per share, consistent with the previous year's dividends[19] - The total dividend for the year amounts to HKD 0.34 per share, unchanged from 2022[19] - The company is committed to maintaining its dividend policy despite the decline in profits, reflecting a stable cash flow management strategy[19] - The board will consider various factors, including financial performance and capital needs, when determining dividend distribution[41] Ownership and Structure - The company maintains a 100% ownership in its subsidiaries, which include property management and investment firms[15] - The company has a diversified portfolio with joint ventures holding between 25% to 50% in various property development and investment companies[15] - The board of directors includes experienced professionals with extensive backgrounds in property management and finance[4][5][6] Economic Environment - The local economy showed signs of recovery with GDP growth of 2.7% and private consumption growth of 13% in the first quarter of 2023[27] - The group plans to prudently utilize its resources to ensure sustainable returns for shareholders amid global economic uncertainties[27] Corporate Governance - The company has been actively working on improving its corporate governance standards to enhance investor confidence and support sustainable growth[154] - The company has adopted the corporate governance code as per the listing rules, with some deviations noted regarding the roles of the chairman and CEO[155] - The company has established a comprehensive internal control system to ensure transparency and accountability to shareholders[154] - The board promotes an open culture to encourage contributions from all directors, ensuring that decisions reflect the consensus of the board[165] - The board held nine meetings during the fiscal year 2022/2023, with all executive directors attending all meetings[175] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of sustainable development and integrates environmental, social, and governance (ESG) factors into its business model[80] - The board is responsible for determining and reporting the company's ESG strategy and performance[81] - The company has implemented energy efficiency measures, resulting in a reduction in electricity and water consumption, as well as waste generation[95] - The company conducts annual climate risk assessments to identify and manage climate-related risks effectively[102] - The company has developed emergency plans to mitigate disruptions and financial losses due to extreme weather events[102] Employee and Labor Practices - The company reported zero employee turnover in the current year, maintaining a competitive compensation level for employees[106] - The company emphasizes the importance of employee training and development, funding educational programs and encouraging participation in workshops[109] - The company has implemented regular reviews to ensure compliance with labor laws and regulations, with no significant impacts reported[111] Shareholder Information - The total shareholding of the chairman, Mr. Zhong Qiwei, is 19,323,600 shares, representing 15.98% of the issued share capital[65] - Mr. Zhong Renwei holds 23,221,680 shares, accounting for 19.20% of the issued share capital[65] - Mr. Zhong Yingwei owns 22,579,680 shares, which is 18.67% of the issued share capital[65] - The company received valid acceptances for a total of 46,953,629 shares, representing approximately 38.82% of the total issued shares during the voluntary unconditional cash offer period[147] Compliance and Legal Matters - The company has not faced any corruption litigation cases during the reporting period[147] - The company has not reported any significant legal cases related to compliance with environmental regulations during the reporting year[118] Supplier and Customer Relations - The top five customers accounted for 72.7% of total revenue, with the largest customer contributing 59.6%[76] - The total amount procured from the top five suppliers was less than 30% of the total procurement[77] - The company employed 27 suppliers in Hong Kong during the year, a decrease from 34 suppliers in the previous year[112]

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告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 華 厦 置 業 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：278） 年 度 業 績 公 告 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 華厦置業有限公司 （「本公司」）董事會宣布，本公司及其附屬公司 （「本集團」）與應佔 其聯營公司業績截至二零二三年三月三十一日止年度綜合業績連同上年度之比較數字如 下：– 1 綜合全面收益表 截至二零二三年三月三十一日止年度 | --- | --- | --- | --- | |----------------------|-------|-------------|------------| | | | 二零二三年 | 二零二二年 | | | 附註 | 港元 | 港元 | | 收益 | 三 | 38,611,721 | 7,812,695 | | 投資物業之公平值變動 | | (7,100,000) | 100,000 | 按公平值 ...

Auditor Changes and Appointments - KPMG resigned as the auditor effective from 20 December 2021 due to disagreement on audit service fees[4] - Moore Stephens CPA Limited was appointed as the new auditor for the financial year ended 31 December 2021[4] - Moore Hong Kong resigned effective from 17 June 2022 due to COVID-19 impact on financial reporting and auditing procedures[4] - KPMG was reappointed as the auditor effective from 30 June 2022 for the financial year ended 31 December 2021[4] - KPMG will retire and offer themselves for reappointment for the financial year ended 31 December 2022[4] Director and Governance Updates - Mr. Poon Chiu Kwok held directorships in eight listed companies as of 31 December 2022[13] - Mr. Poon spent over 100 hours in 2022 attending seminars and self-studying to stay updated on governance trends[13] - The company has adopted and complied with the Corporate Governance Code (CG Code) as set out in Appendix 14 to the Listing Rules for the year ended 31 December 2022[128] - The Board oversees the Group's businesses, strategic decisions, and performance, including setting and approving the Company's strategic implementation and reviewing financial performance[128] - The Board has delegated authority to the CEO and senior management for the day-to-day management and operations of the Group[128] - The Board composition includes 1 Chairman, 1 CEO (resigned on 4 July 2022), and 1 new CEO appointed on 4 July 2022[134] - The Board includes 4 Independent Non-Executive Directors, with one appointed on 18 April 2023[134] - The Board met the Listing Rules requirement of having at least 3 Independent Non-Executive Directors, with at least one possessing appropriate professional qualifications or accounting expertise[137] - The company received written annual confirmation of independence from each Independent Non-Executive Director in accordance with Rule 3.13 of the Listing Rules[137] - The Board members bring a wide spectrum of valuable business experience, knowledge, and professionalism to ensure effective functioning[137] - The Independent Non-Executive Directors serve on the Audit Committee, Remuneration Committee, and Nomination Committee[137] - The Board composition includes directors with expertise in budget management, financial reporting, risk oversight, and mainland market knowledge[136] - The company's Board Diversity Policy emphasizes diversity in gender, age, cultural and educational background, professional experience, skills, and knowledge[139] - The Nomination Committee reviews the Board's composition annually and adheres to the Board Diversity Policy when recommending appointments[139] - Directors are entitled to retain independent professional advisors and are encouraged to express their views openly during board meetings[141] - Directors with material interests in contracts or arrangements must abstain from voting and are excluded from quorum counts[141] - The Board consists of 9 members, including 5 executive Directors and 4 independent non-executive Directors as of the report date[158] - Ms. Yang Qianwen was appointed as an independent non-executive Director on 18 April 2023, achieving gender diversity on the Board[164] - The company has established mechanisms to ensure independent views and input are available to the Board, with at least one-third of the Board being independent non-executive Directors[164] - The Nomination Committee assesses the independence of new and long-serving independent non-executive Directors annually, with all required to submit written confirmations of their independence[164] - The Board is responsible for major company decisions, including policy approval, strategy, budgets, internal control, risk management, and significant financial and operational matters[175] - Directors have access to relevant information and can seek independent professional advice at the company's expense when necessary[175] - The company has a formal and transparent procedure for determining senior management remuneration, with details provided in the consolidated financial statements[175] - The Board has established three committees (Nomination, Remuneration, and Audit) to oversee specific aspects of the company's affairs, each with defined terms of reference[177] - The Remuneration Committee held two meetings during the year ended 31 December 2022[182] - The Audit Committee comprises four independent non-executive directors and is responsible for reviewing financial reporting, risk management, and internal control systems[182] - The Audit Committee made recommendations on the appointment, re-appointment, and removal of the external auditor during the year ended 31 December 2022[182] - The Nomination Committee is responsible for reviewing the Board composition, making recommendations on director appointments, and assessing the independence of non-executive directors[177] - Each executive Director is engaged on a 3-year service contract, while independent non-executive Directors are appointed for 1-3 years, with termination requiring 1-3 months' written notice[190] - Directors are subject to retirement by rotation at least once every 3 years, with new Directors requiring reelection at the first general meeting after appointment[190] - The Nomination Committee, established in 2011, is responsible for reviewing Board composition, recommending Director appointments, and assessing the independence of independent non-executive Directors[190] - Board papers and relevant information are sent to Directors at least 3 days before meetings to ensure informed decision-making[191] - The company secretary is responsible for taking and keeping minutes of all Board and committee meetings, with draft minutes circulated to Directors for review within a reasonable time after each meeting[191] - Directors must abstain from voting on transactions in which they or their associates have a material interest, as per the Company's Articles of Association[191] - The attendance records of Directors at Board and committee meetings for the year ended 31 December 2022 are detailed, with most Directors attending all scheduled meetings[194] - Newly appointed Directors receive an induction package covering responsibilities, liabilities, and regulatory obligations to ensure compliance with Listing Rules and other requirements[196] - The Company provides continuous updates to Directors on the latest developments regarding Listing Rules and regulatory requirements to enhance corporate governance awareness[196] - Training details for Directors for the year ended 31 December 2022 are provided, emphasizing continuous professional development[198] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and established its own Company Code with terms no less exacting than the Model Code[199] - All directors confirmed compliance with the Model Code and Company Code for the year ended December 31, 2022[199] - The company has established written guidelines for securities transactions by employees likely to possess unpublished inside information, with terms no less exacting than the Model Code[199] - No incidents of non-compliance with the Employees Written Guidelines were noted for the year ended December 31, 2022[199] Financial Performance and Metrics - Revenue for 2022 was RMB 3,263.6 million, an increase from RMB 3,055.3 million in 2021[49] - Adjusted gross profit margin for 2022 was 11.1%, compared to a loss margin of 13.8% in 2021[49] - Net profit attributable to equity shareholders of the company was RMB 72.1 million in 2022, a significant improvement from a loss of RMB 995.8 million in 2021[49] - Net cash generated from operating activities was RMB 72.1 million in 2022, compared to a negative RMB 995.8 million in 2021[49] - Basic and diluted earnings per share were RMB 76.8 cents in 2022, up from RMB 134.1 cents in 2021[49] - The company proposed a final dividend of RMB 1.16 cents per share for 2022, with no dividend proposed for 2021[49] - The company's profit attributable to equity shareholders for 2022 was approximately RMB72.1 million, a significant improvement from a loss of approximately RMB995.8 million in 2021, primarily due to a decrease in expected credit losses on financial and contract assets[51] - The aggregate amount of newly-awarded projects in 2022 decreased by approximately RMB2,220.5 million (51.0%) compared to 2021, totaling RMB2,137.4 million, mainly due to economic challenges in overseas markets and a more prudent business strategy to mitigate credit risks[57] - Domestic projects in 2022 amounted to 79 projects worth RMB1,494.2 million, while overseas projects totaled 37 projects worth RMB643.2 million, reflecting a significant decline in overseas activity compared to 2021[58] - The company's profit attributable to equity shareholders for 2022 was approximately RMB 72.1 million, compared to a loss of RMB 995.8 million in 2021, primarily due to a decrease in expected credit losses on financial and contract assets and other receivables[75] - The adjusted gross profit margin for 2022 was approximately 6.9%, slightly down from 7.1% in 2021[78] - Other income decreased by RMB25.3 million or 49.9% to RMB25.5 million in 2022, primarily due to reduced government grants and gains on asset disposals[79] - Selling expenses decreased by RMB15.4 million or 21.5% to RMB56.5 million, accounting for 1.7% of operating revenue, down from 2.4% in 2021[79] - Administrative expenses increased by RMB7.4 million or 2.0% to RMB371.1 million, but decreased as a percentage of operating revenue to 11.4% from 11.9%[79] - Expected credit losses of financial and contract assets decreased by RMB855.7 million or 97.3% to RMB24.0 million, accounting for 0.7% of operating revenue, down from 28.8% in 2021[79] - The Group's trade receivables and contract assets were divided into two risk categories: Defaulted Customers and other customers, with expected loss rates estimated differently for each[80] - For Defaulted Customers, expected loss rates were estimated based on the weighted-average recovery rate of troubled debts, adjusted for industry-specific information and forward-looking information[80] - For other customers, expected loss rates were estimated based on the flow rate matrix, which derives historical credit loss rates across aging analysis of trade receivables and contract assets[80] - Trade receivables and contract assets outstanding balance as of 31 December 2022 was RMB5,880.8 million, compared to RMB5,765.6 million in 2021[82] - Expected credit loss recognized for 2022 was RMB43.8 million, with a loss allowance of RMB2,706.4 million as of 31 December 2022[82] - Bills receivable outstanding balance as of 31 December 2022 was RMB115.7 million, with a loss allowance of RMB38.8 million[82] - Net finance costs decreased by RMB250.3 million (243.2%) in 2022 to RMB-147.4 million, accounting for -4.5% of operating revenue[82] - Total bank loans decreased by RMB95 million (10.0%) to RMB855.0 million as of 31 December 2022, with RMB855.0 million repayable within one year[85] - Gearing ratio was 82.9% as of 31 December 2022, slightly down from 83.0% in 2021[85] - Receivables turnover days decreased to 302 days in 2022 from 315 days in 2021[85] - Trade and bills payables turnover days decreased to 386 days in 2022 from 383 days in 2021[85] - Inventory turnover days decreased to 75 days in 2022 from 77 days in 2021[85] - Receivables turnover days decreased by 84 days (21.8%) to 302 days compared to 386 days in 2021[86] - Trade and bill payables turnover days decreased by 68 days (17.8%) to 315 days compared to 383 days in 2021[86] - Inventory and contract costs decreased by RMB121.2 million (28.0%) to RMB310.9 million compared to RMB432.1 million in 2021[86] - Capital expenditure decreased by RMB8.5 million (93.4%) to RMB0.6 million compared to RMB9.1 million in 2021[86] - The Group's newly-awarded projects decreased by RMB2,220.5 million (51.0%) to RMB2,137.4 million compared to RMB4,357.9 million in 2021[98] - The Group's backlog decreased by RMB1,533.0 million (12.1%) to RMB11,120.5 million as of 31 December 2022, compared to RMB12,653.5 million in 2021[100] - Domestic backlog value was RMB4,799.4 million from 208 projects, while overseas backlog value was RMB6,321.1 million from 80 projects in 2022[100] - Revenue increased by RMB208.3 million (6.8%) to RMB3,263.6 million in 2022, with domestic revenue contributing 45.1% and overseas revenue contributing 54.9%[101] - Overseas revenue grew by RMB197.3 million (12.4%) to RMB1,791.7 million in 2022, while domestic revenue increased by RMB11.0 million (0.8%) to RMB1,471.9 million[101] - Cost of sales increased by RMB246.8 million (9.4%) to RMB2,876.3 million in 2022, driven by higher revenue[101] - Adjusted gross profit margin improved by 24.9 percentage points to 11.1% in 2022, primarily due to reduced impairment losses on trade receivables and contract assets[101] - Domestic adjusted gross profit margin increased by 52.7 percentage points to 16.1% in 2022, while overseas adjusted gross profit margin decreased slightly by 0.2 percentage points to 6.9%[101] - The Group's consolidated net profit in 2022 was approximately RMB72.1 million, a significant improvement from a net loss of RMB995.8 million in 2021[107] - Net current assets decreased by 62.2% to RMB307.8 million in 2022, primarily due to the reclassification of long-term loans to short-term liabilities[107] - Restricted deposits decreased by 49.7% to RMB701.1 million in 2022, mainly denominated in RMB[107] - Cash and cash equivalents decreased by 22.8% to RMB219.5 million in 2022, held in multiple currencies including RMB, USD, and EUR[107] - The Group utilized HKD11 million of net proceeds in 2022, with HKD341 million remaining for future use in production capacity expansion[116] - The Group allocated HKD261 million for research and development expenses, which was fully utilized as of December 31, 2022[116] - HKD220 million was allocated for sales and marketing network expansion, with the full amount utilized by the end of 2022[116] - The Group repaid HKD962 million in bank loans using the net proceeds from the global offering[116] - Total net proceeds from the global offering amounted to HKD2,403 million, with HKD2,062 million utilized and HKD341 million remaining for future plans[116] Shareholding and Ownership - Director Kang Baohua holds a 3.68% beneficial ownership and a 58.74% interest through controlled corporations in the company's shares[31] - Best Outlook Limited, a wholly-owned company by Kang Baohua, holds 2,597,531,923 shares, representing 41.84% of the company's shareholding[36] - Neo Pioneer Limited, another wholly-owned company by Kang Baohua, holds 1,049,231,845 shares, representing 16.90% of the company's shareholding[36] - As of 31 December 2022, no other substantial shareholders, apart from the disclosed entities, had any recorded interests or short positions in the company's shares[36] Employee and Workforce Management - The company employed a total of 2,511 full-time employees as of December 31, 2022, a decrease from 2,769 in the previous year, due to workforce optimization[143] - The company has a management incentive system and competitive compensation policies, including base salary, allowances, benefits, and discretionary bonuses, aligned with market conditions and individual performance[143] - The company has 2,121 male employees and 390 female employees, representing approximately 84.5% and 15.5% of the workforce respectively, with a target to achieve at least 18.0% female employees by 2030[164] - Total full-time employees decreased from 2,769 in 2021 to 2,511 in 2022 due to headcount optimization[116] Strategic and Operational Focus - The company maintained a cautious and steady development strategy in 2023, focusing on quality, customer service, cost reduction, and operational efficiency to enhance shareholder returns and value[72] - The Group expects global economic challenges in 2023 due to geopolitical turmoil, interest rate hikes, and supply chain disruptions, but anticipates recovery in China's real estate market[100] - The Group plans to maintain a cautious and steady development strategy, focusing on quality, customer service, cost reduction, and operational efficiency improvement[100] - The Group utilized HK$2,062 million from the Global Offering, with HK$619 million for production capacity expansion, HK$962 million for loan repayment, HK$261 million for R&D, and HK$220 million for sales and marketing network expansion[89] Asset and Liability Management - The Group's property, plant, and equipment pledged for bank loans had a carrying value of RMB358.0 million as of 31 December 2022[88] - The Group's time and other deposits pledged for bank bills and letters of credit had a carrying value of RMB479.4 million as of 31 December 2022[88] - The Group's frozen bank deposits had a carrying value of RMB56.4 million as of 31 December 2022[88] - The Group's deposits pledged for construction contracts had a carrying value of RMB162.3 million as of 31 December 2022[88] Innovation and Intellectual Property - The Group obtained 9 utility model patents in 2022[100] Economic and Market Context - China's GDP grew by 3% year-on-year in 2022, reflecting steady economic growth despite global uncertainties[75] Retirement and Benefit Schemes - The company participates in retirement benefit schemes in accordance with PRC regulations, with overseas employees participating in defined contribution and defined benefit plans[177] - The company's retirement benefit schemes do not have any applicable circumstances of forfeited contributions[177]

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 30,367,740, a significant increase from HKD 3,610,955 in the same period last year, representing a growth of approximately 740%[32] - Operating profit for the period was HKD 6,356,747, compared to HKD 2,294,871 in the previous year, indicating an increase of about 177%[32] - The profit attributable to equity holders of the company was HKD 3,147,880, down from HKD 36,319,783 year-on-year, reflecting a decrease of approximately 91%[32] - Basic and diluted earnings per share were HKD 0.03, a decrease from HKD 0.30 in the previous year, representing a decline of 90%[32] - The fair value loss on investment properties was HKD 7,100,000, compared to a fair value gain of HKD 3,000,000 in the previous year[32] - Rental income for the six months ended September 30, 2022, was HKD 2,196,727, an increase from HKD 1,327,520 in the previous year, representing a growth of 65.3%[65] - Bank interest income rose to HKD 2,308,689 from HKD 1,469,708, marking a year-over-year increase of 56.9%[65] - The company recognized revenue of HKD 25,000,000 from the sale of completed properties held for sale during the period, with no comparable revenue in the previous year[65] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 1,355,495,508, a slight decrease from HKD 1,363,205,674 at the end of the previous period[33] - Non-current assets, primarily investment properties, decreased to HKD 213,200,000 from HKD 220,300,000[33] - Cash and bank balances stood at HKD 277,317,303, showing a minor decrease from HKD 277,613,090[33] - The total equity attributable to equity holders decreased to HKD 1,232,759,003 from HKD 1,268,076,944[39] - Total revenue for the six months was HKD 30,367,740, significantly up from HKD 3,610,955 in the prior year, reflecting a growth of 740.5%[65] - Total assets as of September 30, 2022, amounted to HKD 1,355,495,508, with total liabilities of HKD 122,736,505[75] - The group’s total assets as of September 30, 2022, were HKD 1,555.2 million, compared to HKD 1,171.9 million as of March 31, 2022[89] Cash Flow - The net cash generated from operating activities was HKD 21,568,676, a significant improvement from a cash outflow of HKD 1,390,406 in the same period last year[41] - Cash flows from investing activities showed a net inflow of HKD 14,947,500, up from HKD 10,980,695 in the same period last year[41] - The total cash and cash equivalents at the end of the period were HKD 277,317,303, compared to HKD 264,447,356 at the end of the previous year[41] - The group recorded a foreign exchange loss of HKD 9 million during the review period, contrasting with a foreign exchange gain of HKD 1.5 million in the previous year[126] - The group's cash and cash equivalents as of September 30, 2022, amounted to HKD 277.3 million, slightly down from HKD 277.6 million as of March 31, 2022[131] Dividends - The company proposed an interim dividend of HKD 13,305,600, consistent with the previous year's interim dividend[32] - The company declared an interim dividend of HKD 0.11 per share, consistent with the previous year, totaling HKD 13,305,600[85] - The group paid dividends of HKD 27,820,800 to equity holders during the reporting period, consistent with the previous year[41] Economic Conditions - The local economy showed weakness, with GDP contracting by 4.5% year-on-year in Q3 2022, and private consumption showing no real growth over the past two quarters[128] - The unemployment rate was relatively low at 3.8%, but import and export levels have been declining for several months[128] - The company plans to act cautiously in response to the unpredictable future economic conditions[128] Corporate Governance - The company has adhered to the corporate governance code, except for the separation of roles between the Chairman and CEO, which is managed collectively by the executive directors[146] - The audit committee has been restructured following the resignation of independent non-executive director Ouyang Chang En, effective November 1, 2022[149] - The company is committed to maintaining high-quality corporate governance standards[146] Shareholder Information - As of September 30, 2022, the major shareholders include the late Qin Lan Feng with 32,162,800 shares (26.59% of issued share capital) and Gong Su Xia with 15,150,160 shares (12.52%)[137] - Major shareholders outside the board include Megabest Securities Limited and Profit-taking Company Inc., each holding 11,295,600 shares (9.34%)[137] - The company reported no changes in the ownership of shares that require disclosure under the Securities and Futures Ordinance as of September 30, 2022[141] Compliance and Listing - The company’s shares were suspended from trading on September 15, 2022, following a decision by the Listing Committee due to non-compliance with Listing Rule 13.24[143] - The company must take appropriate actions within 18 months from September 15, 2022, to demonstrate compliance with Listing Rule 13.24, or risk delisting[143] - The financial data for the six months ending September 30, 2022, has been reviewed by the audit committee and the company's auditors[150]