Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 374,299,000, representing a 9.7% increase from HKD 341,260,000 in the same period of 2023[1] - Gross profit increased to HKD 113,677,000, up 21.1% from HKD 93,864,000 year-on-year[1] - Operating profit rose to HKD 40,994,000, a 19.5% increase compared to HKD 34,459,000 in the previous year[1] - Profit attributable to equity holders for the period was HKD 37,398,000, reflecting a 18.5% increase from HKD 31,646,000 in 2023[2] - Total revenue for the group reached HKD 374,299,000, a 9.7% increase from HKD 341,260,000 in the previous year[10] - Basic earnings per share increased to HKD 37,398,000, compared to HKD 31,646,000 in 2023, representing a growth of 18.0%[16] - Basic earnings per share for the six months ended June 30, 2024, were approximately HKD 2.81, up from HKD 2.38 in the same period of 2023[23] Assets and Equity - Total assets as of June 30, 2024, amounted to HKD 973,121,000, compared to HKD 950,129,000 at the end of 2023[3] - Current assets net amount was HKD 652,071,000, an increase from HKD 620,198,000 in the previous year[4] - Total equity increased to HKD 767,010,000 from HKD 729,781,000 at the end of 2023[4] - As of June 30, 2024, the company's cash and bank balances were approximately HKD 313,300,000, up from HKD 275,200,000 as of December 31, 2023[29] - The total borrowings amounted to approximately HKD 63,000,000, with an asset-to-equity ratio of about 8.2%[30] Financial Income - Financial income for the period was HKD 7,543,000, up from HKD 6,075,000 in the same period last year[1] - The company reported a net financial income of HKD 4,288,000, significantly higher than HKD 2,898,000 in the previous year[1] - Net financial income rose to HKD 4,288,000, up 48.0% from HKD 2,898,000 in the previous year[14] - Financial income increased by approximately 23.0% to HKD 7,500,000 due to rising interest income from bank deposits[26] Revenue Breakdown - Revenue from Hong Kong increased to HKD 351,710,000 for the six months ended June 30, 2024, up 17.5% from HKD 299,280,000 in 2023[10] - Macau revenue decreased to HKD 21,545,000, down 43.6% from HKD 38,167,000 in 2023[10] Challenges and Outlook - The company faced challenges in attracting and retaining skilled labor, as well as rising material costs impacting profit margins[24] - The company maintains a positive outlook for the construction materials business in Hong Kong, driven by significant infrastructure projects[27] Dividends - The company did not declare an interim dividend for the six months ended June 30, 2024[17] - The company did not declare an interim dividend for the six months ended June 30, 2024[35] Compliance and Review - The company has adopted the standard code outlined in Appendix C3 of the listing rules, confirming compliance by all directors for the six-month period ending June 30, 2024[39] - The interim financial data for the six months ending June 30, 2024, has not been audited or reviewed by the company's auditor, but has been reviewed by the audit committee[40] - The mid-term performance announcement is available on the company's website and the Hong Kong Stock Exchange website[42] Product Development - The company successfully launched new products, expanding its product coverage and receiving positive customer feedback[24]

Financial Performance - The Group's revenue for the year ended December 31, 2023, was approximately HK$714.1 million, representing a 12.2% increase from HK$636.5 million in 2022[11]. - The profit attributable to equity shareholders increased by approximately 18.7% to HK$58.4 million, compared to HK$49.2 million in 2022[11]. - The gross profit margin for the year was approximately 27.3%, slightly down from 27.5% in 2022[11]. - The basic earnings per share rose to HK4.38 cents, up from HK3.69 cents in the previous year[11]. - Other gains, net decreased to approximately HK$1.2 million in 2023 from HK$4.1 million in 2022, a decline of HK$2.9 million[48]. - Selling and distribution costs increased by 21.8% year-on-year, rising from HK$19.7 million in 2022 to HK$24.0 million in 2023[49]. - General and administrative expenses amounted to approximately HK$109.2 million in 2023, an increase of about 7.7% from HK$101.4 million in 2022[49]. - Finance costs increased by approximately 13.6% to HK$6.7 million in 2023, primarily due to rising interest rates on bank borrowings[53]. - Finance income surged by 103.1% to HK$13.0 million in 2023, compared to HK$6.4 million in 2022, resulting in net finance income of HK$6.2 million[53]. - The Group's cash and bank balances were approximately HK$275.2 million as of December 31, 2023, up from HK$252.5 million in 2022[56]. - Total borrowings stood at approximately HK$62.2 million as of December 31, 2023, compared to HK$53.4 million in 2022, with all borrowings maturing within one year[57]. - The gearing ratio was approximately 8.5% as of December 31, 2023, compared to 7.9% in 2022[58]. Market and Operational Developments - The company has launched several new products, including the OPAL copper hose and a full range of valves, enhancing its competitiveness in the market[20]. - A new enterprise resource planning system has been implemented to optimize internal processes and improve operational efficiency[19]. - The company has re-opened a new store in Tsuen Wan to expand market coverage and better serve customers[22]. - Increased bank interest income contributed positively to the overall financial performance due to rising saving interest rates[13]. - The Group is optimistic about the construction industry's outlook in Hong Kong due to ongoing government investments in housing and infrastructure projects[24]. - The Group's proactive approach and strong foundation are expected to help navigate challenges such as labor shortages and rising prices[26]. - The use of Modular Integrated Construction (MiC) and Multi-trade Integrated MEP (MiMEP) has gained popularity, allowing the Group to capitalize on increased demand for pipes and fittings[42]. Corporate Governance and Management - The Company maintains a high standard of corporate governance, complying with the Corporate Governance Code throughout the year ended December 31, 2023[108]. - The Group emphasizes a healthy corporate culture for sustainable growth, focusing on integrity and accountability in business practices[109]. - The Company has implemented a whistle-blowing policy and anti-corruption policy to foster a culture of openness and integrity[109]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the year ended December 31, 2023[110]. - The Company has a strong management team with members holding advanced degrees in business administration and finance from reputable institutions[78][80][84]. - The Board comprises six Directors, including two executive Directors and four independent non-executive Directors, ensuring a balance of skills and experience[115]. - The Company has established various committees, including audit, remuneration, and nomination committees, to enhance its functions and expertise[148]. - The roles of the Chairman and Chief Executive Officer are held by separate individuals to reinforce independence and accountability[133]. - The Board is responsible for supervising business management, approving strategic plans, and reviewing financial performance[119]. - The Company has mechanisms in place to ensure independent views and input are available to the Board, reviewed annually[123]. Risk Management and Compliance - The Group has established a risk management system that is reviewed at least annually to identify, evaluate, and manage significant risks[189]. - The Board is responsible for maintaining an adequate system of risk management and internal controls, ensuring effective operations and safeguarding assets[188]. - The Company has adequate resources to continue operational existence for the foreseeable future, adopting the going concern basis in preparing financial statements[187]. - The Audit Committee reviewed the adequacy of resources, qualifications, and experience of the Group's accounting and financial reporting staff[174]. - The Company has a policy on the disclosure of inside information to prevent breaches of statutory disclosure requirements[196]. - The dissemination of inside information is conducted by publishing relevant information on the Stock Exchange's website and the Company's website[197]. - The company has adopted an insider information disclosure policy to ensure compliance with statutory disclosure requirements[198]. - Access to insider information is restricted to a limited number of employees on a need-to-know basis[200]. - Confidentiality agreements are ensured during significant negotiations to protect sensitive information[200]. - The company must disclose insider information as soon as reasonably practicable if confidentiality has been lost[200]. Board Diversity and Composition - The company aims to appoint at least one female director by December 31, 2024, with current board composition being 100% male[161]. - The Nomination Committee reviews the Board's structure, size, and composition at least annually, considering diversity aspects such as gender, age, and professional experience[166]. - The Board recognizes the importance of gender diversity and is committed to increasing female representation among its members[161]. - The company has adopted a Board Diversity Policy to enhance diversity at the Board level, which is essential for achieving strategic objectives[160]. - The Nomination Policy allows for consideration of candidates recommended by shareholders, ensuring a merit-based selection process[162].

Financial Performance - For the year ended December 31, 2023, the company reported revenue of HKD 714,129,000, representing a 12% increase from HKD 636,535,000 in 2022[4] - The profit attributable to equity holders for the same period was HKD 58,390,000, a 19% increase compared to HKD 49,218,000 in 2022[4] - Basic earnings per share rose to HKD 4.38 from HKD 3.69 in the previous year[5] - The company's operating profit for the year was HKD 62,605,000, up from HKD 57,783,000 in 2022[5] - The net profit attributable to equity holders for 2023 was HKD 58,390,000, representing a 18.6% increase from HKD 49,218,000 in 2022[25] - Profit attributable to equity holders increased by approximately 18.7% to HKD 58,400,000, up from HKD 49,200,000 in the same period last year[33] Revenue Breakdown - Revenue from construction materials trading, primarily pipes and fittings, for the year ended December 31, 2023, was HKD 714,129,000, an increase of 12.2% from HKD 636,535,000 in 2022[18] - Revenue from Hong Kong increased to HKD 637,052,000 in 2023, up 12.5% from HKD 565,702,000 in 2022[18] - The company recorded a revenue of approximately HKD 714,100,000 for the year, an increase of 12.2% compared to HKD 636,500,000 in the previous year[33] Assets and Liabilities - Total assets increased to HKD 950,129,000 in 2023, compared to HKD 902,372,000 in 2022[9] - Total equity rose to HKD 729,781,000, up from HKD 671,671,000 in the previous year[11] - The company’s total liabilities decreased to HKD 220,348,000 from HKD 230,701,000 in 2022[11] - Trade receivables increased to HKD 188,649,000 in 2023, compared to HKD 152,744,000 in 2022, marking a growth of 23.5%[28] Financial Income and Expenses - The company reported a net financial income of HKD 6,239,000, significantly up from HKD 459,000 in 2022[5] - The total tax expense for 2023 was HKD 10,454,000, an increase from HKD 9,024,000 in 2022[23] - The cost of goods sold for 2023 was HKD 512,443,000, compared to HKD 449,904,000 in 2022, indicating an increase of 13.9%[21] - Total operating expenses for 2023 were HKD 652,719,000, up from HKD 582,816,000 in 2022, reflecting an increase of 11.9%[21] - The company’s sales and distribution costs increased by 21.8% to HKD 24,000,000, primarily due to higher promotional expenses and transportation costs[38] - Financial income rose by 103.1% to HKD 13,000,000, driven by increased bank deposit interest rates[38] Inventory and Cash Management - The company’s inventory decreased to HKD 217,326,000 from HKD 243,703,000 in 2022[9] - The company’s cash and bank balances increased to HKD 228,138,000 from HKD 206,487,000 in the previous year[9] - The company’s cash and bank balances amounted to approximately HKD 275,200,000, an increase from HKD 252,500,000 in the previous year[41] Corporate Governance and Compliance - The company confirmed full compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[49] - All directors confirmed compliance with the standard code regarding securities transactions for the year ending December 31, 2023[51] - The audit committee, composed of four independent non-executive directors, reviewed the annual accounts, and the figures in the preliminary announcement were consistent with the audited financial statements[50] Employee and Operational Updates - As of December 31, 2023, the group employed 164 full-time employees, an increase from 155 in 2022, with total employee benefit expenses amounting to approximately HKD 75,900,000, up from HKD 65,700,000 in 2022[46] - The company opened a new store in Tsuen Wan to expand market coverage and improve customer service[34] - The company successfully launched several new products, including OPAL copper pipes and a full range of valves, enhancing its market competitiveness[33] Dividends and Shareholder Relations - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with 2022[26] - The board of directors did not recommend the distribution of a final dividend for the year ending December 31, 2023, consistent with the previous year[47] - The company did not repurchase any shares during the year, nor did it buy or sell any shares of the company or its subsidiaries[48] - The company expressed gratitude to shareholders, customers, suppliers, and banks for their continued support and trust[53] Other Income - Other income decreased to approximately HKD 1,200,000 from HKD 4,100,000 in the previous year, primarily due to the absence of government pandemic relief funding[37] Market Outlook - The company anticipates continued growth in the Hong Kong construction industry due to ongoing government investments in housing and infrastructure projects[40]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, increased to HK$341,260,000, up from HK$322,004,000 in the same period of 2022, representing a growth of 5.6%[12] - Profit for the period attributable to equity holders was HK$31,646,000, compared to HK$32,063,000 in 2022, a decrease of 1.3%[12] - Basic and diluted earnings per share for the period were HK$2.38, down from HK$2.41 in the previous year, a decline of 1.2%[12] - Total comprehensive income for the period attributable to equity holders was HK$31,372,000, slightly down from HK$31,661,000, a decrease of 0.9%[14] - The Group reported a profit for the period of HK$31,646,000 for the six months ended June 30, 2023, compared to HK$32,063,000 for the same period in 2022, showing a slight decrease of about 1.3%[27] Financial Performance - Gross profit for the same period was HK$93,864,000, slightly down from HK$95,214,000, indicating a decrease of 1.4%[12] - Operating profit decreased to HK$34,459,000 from HK$39,385,000, reflecting a decline of 12.3%[12] - Cash generated from operations decreased to HK$18,322,000 in H1 2023 from HK$62,581,000 in H1 2022, representing a decline of 70.7%[31] - Net cash generated from operating activities fell to HK$15,519,000 in H1 2023 compared to HK$61,905,000 in H1 2022, a decrease of 74.9%[31] - The cost of inventories sold for the six months ended June 30, 2023, was HK$245,847,000, an increase of 11.6% compared to HK$220,392,000 in 2022[69] Assets and Liabilities - Total assets as of June 30, 2023, increased to HK$951,364,000, up from HK$902,372,000 as of December 31, 2022, representing a growth of approximately 5.4%[19] - Total liabilities rose to HK$248,321,000 from HK$230,701,000, reflecting an increase of approximately 7.6%[21] - Current assets rose to HK$775,259,000, compared to HK$714,434,000 at the end of 2022, indicating an increase of about 8.5%[19] - Total equity reached HK$703,043,000 as of June 30, 2023, up from HK$671,671,000 at the end of 2022, reflecting a growth of approximately 4.7%[21] - Trade receivables increased to HK$182,467,000 as of June 30, 2023, from HK$151,481,000 at the end of 2022, marking a rise of approximately 20.4%[19] Cash Flow and Financing - Net cash used in financing activities improved to HK$4,368,000 in H1 2023 from HK$19,276,000 in H1 2022, a reduction of 77.3%[31] - Drawdown of borrowings increased to HK$209,703,000 in H1 2023 from HK$183,978,000 in H1 2022, an increase of 13.9%[31] - The Group's total borrowings stood at approximately HK$60.3 million as of June 30, 2023, compared to HK$53.4 million at the end of 2022[183] - The gearing ratio was approximately 8.6% as of June 30, 2023, up from 7.9% at the end of 2022[187] - Cash and cash equivalents at the end of the period increased to HK$217,239,000 in H1 2023 from HK$209,342,000 in H1 2022, an increase of 3.3%[31] Employee and Operational Costs - Employee benefit expenses rose to HK$34,554,000, reflecting an increase of 14.9% from HK$30,077,000 in the previous year[69] - General and administrative expenses rose by 4.1% to HK$50.6 million, mainly driven by an increase in staff costs of about HK$4.6 million[174] - The Group's salaries and other short-term employee benefits increased to HK$9,921,000 for the six months ended June 30, 2023, compared to HK$8,874,000 for the same period in 2022, an increase of 11.8%[121] Market and Business Outlook - The Group's primary business remains focused on trading construction materials, specifically pipes and fittings, with operations mainly in Hong Kong and Macau[56] - The ongoing investment by the Hong Kong government in housing and infrastructure projects is expected to provide further opportunities for the Group[168] - The Group is optimistic about the construction industry outlook in Hong Kong, anticipating growth driven by public housing and hospital development projects[180] - Challenges such as labor shortages and rising prices have impacted the Group's gross profit margin, leading to a slight decrease in net profit compared to the previous year[169] Financial Risk Management - The Group's financial risk management objectives and policies remain consistent with those disclosed in the audited consolidated annual financial statements for the year ended December 31, 2022[49] - The Group has not early adopted any amendments to standards that have been issued but are not yet effective, and is currently assessing their impact[48] - The adoption of new accounting standards effective from January 1, 2023, did not have a material impact on the Group's results of operations or financial position[47]

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。 (於百慕達註冊成立之有限公司) (股份代號: 00380) 截至二零二三年六月三十日止六個月 中期業績公告 中國管業集團有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（「本 集團」）截至二零二三年六月三十日止六個月的未經審核簡明綜合中期業績連同二零二二 年同期的比較數字如下： 未經審核簡明綜合收益表 截至二零二三年六月三十日止六個月 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 收入 2 341,260 322,004 銷售成本 4 (247,396) (226,790) 毛利 93,864 95,214 其他收益淨額 3 1,991 2,217 銷售及分銷成本 4 (10,881) (9,468) 一般及行政費用 4 (50,576) (48,578) ...

Financial Performance - The Group's revenue for the year ended December 31, 2022, was approximately HK$636.5 million, a decrease of 6.7% compared to HK$682.2 million in 2021[12]. - The gross profit margin for the year was approximately 27.5%, down from a restated 28.7% in 2021[12]. - Profit attributable to equity shareholders was HK$49.2 million, representing a decrease of approximately 12.8% from HK$56.4 million in 2021[12]. - Basic earnings per share for the year were HK3.69 cents, compared to HK4.23 cents in 2021[12]. - The decrease in revenue was primarily due to the closure of a retail shop in Tsuen Wan in November 2021 and reduced contributions from a large project at Hong Kong International Airport[21]. - Other gains increased by HK$2.0 million to HK$4.1 million in 2022, primarily due to subsidies from the Hong Kong Government's Anti-epidemic Fund[47]. - Selling and distribution costs decreased by 8.8% to HK$19.7 million in 2022, down from HK$21.6 million in 2021[48]. - General and administrative expenses amounted to approximately HK$101.4 million in 2022, a decrease of 6.6% from HK$108.6 million in 2021[48]. - Finance costs increased by 1.7% to HK$5.9 million in 2022, compared to HK$5.8 million in 2021, mainly due to rising interest rates[49]. - Finance income rose by 39.1% to HK$6.4 million in 2022, up from HK$4.6 million in 2021, driven by higher bank deposit interest rates[49]. Market Demand and Business Development - The demand for pipes and fittings returned to normal levels in the second half of 2022 following the completion of isolation facilities[21]. - The strong demand for pipes and fittings in the first half of 2022 was driven by the urgent need for community isolation facilities[15]. - The Group continued to develop its core business of trading pipes and fittings throughout the year[14]. - The Hong Kong Government plans to build 30,000 "Light Public Housing" units over the next five years, which is expected to stimulate demand for construction materials[27]. - The relaxation of COVID-19 restrictions in Hong Kong is anticipated to enhance business activities with suppliers in mainland China[23]. - The Group is actively exploring opportunities in Modular Integrated Construction (MiC) and Multi-trade Integrated MEP (MiMEP) to capture more orders[43]. - The Group's focus remains on supplying pipes and fittings, with successful procurement of large project orders during the year[42]. - The construction industry outlook in Hong Kong is cautiously optimistic due to government initiatives and rising demand for public housing[27]. Corporate Governance - The Company has maintained compliance with the Corporate Governance Code throughout the year ended December 31, 2022[106]. - The Board consists of six Directors, including two executive Directors and four independent non-executive Directors, ensuring at least one-third of the Board is independent[113][114]. - The Company aims to formalize best practices in corporate governance to benefit shareholders and investors[105]. - The Board is responsible for approving strategic plans, investment decisions, and reviewing the Group's financial performance[117]. - All independent non-executive Directors have confirmed their independence according to the Listing Rules[115]. - The Company has established mechanisms to ensure independent views and input are available to the Board, which will be reviewed annually[121]. - The Board met regularly, holding a total of nine meetings during the year, with all Directors receiving timely information to fulfill their duties[138]. - The Company has arranged appropriate insurance cover for potential legal actions against its Directors and officers[136]. - The Board has a balance of skills, knowledge, and experience appropriate for the business requirements and corporate strategy[121]. Management and Employee Matters - The Group employed a total of 155 employees as of December 31, 2022, with total employee benefit expenses of approximately HK$65.7 million, down from HK$73.1 million in 2021[66]. - The group has a stock option plan to reward eligible directors and employees for their contributions[69]. - The group is committed to contributing to a retirement benefits plan established by the Chinese government for its employees in mainland China[69]. - The group has a remuneration policy that is reviewed annually, with some employees receiving sales commission income[69]. - The Company emphasizes meritocracy in Board appointments, ensuring candidates are evaluated against objective criteria[157]. Risk Management and Internal Control - The Group has established a risk management system that is reviewed at least annually to identify, evaluate, and manage significant risks[187]. - The Audit Committee conducted a review of the effectiveness of the Group's risk management and internal control systems for the year ended December 31, 2022, and found them to be effective and adequate[193]. - The independent professional advisor reported their review work for the year ended December 31, 2022, in accordance with a detailed risk-based internal control review plan approved by the Audit Committee[197]. - The Company aims to ensure effective risk management and internal control systems through discussions with management[169]. - The risk management report and internal control report are submitted to the Audit Committee at least once a year[189]. Board Committees and Meetings - The Company held three Audit Committee meetings, two Nomination Committee meetings, and two Remuneration Committee meetings in 2022[143]. - The Remuneration Committee comprises four members, including one executive Director and three independent non-executive Directors, with the committee chaired by Mr. Guan Zhiqiang[146]. - The Nomination Committee also consists of four members, including one executive Director and three independent non-executive Directors, chaired by Mr. Lai Fulin[152]. - The Audit Committee consists of four independent non-executive Directors, ensuring a diverse skill set and expertise in financial management[165]. - The Company encourages open discussions among Directors during meetings to ensure diverse perspectives are considered[121].

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。 (於百慕達註冊成立之有限公司) (股 份代號: 00380) 截至二零二二年十二月三十一日止年度 全年業績公告 財務摘要 經重列 二零二二年 二零二一年 變動 千港元 千港元 百分比 持續營運業務之收入 636,535 682,187 (7%) 持續營運業務之年度溢利 49,218 55,967 (12%) 本公司權益持有人應佔持續營運與 終止營運業務之溢利 49,218 56,424 (13%) 每股基本盈利 3.69 港仙 4.23港仙 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$322,004,000, an increase from HK$305,134,000 in the same period of 2021, representing a growth of approximately 5.7%[9] - Gross profit for the period was HK$95,214,000, compared to HK$87,869,000 in 2021, indicating a gross profit margin improvement[9] - Operating profit increased to HK$39,385,000, up from HK$27,355,000 in the previous year, reflecting a growth of approximately 44.2%[9] - Profit before income tax for the period was HK$39,078,000, compared to HK$26,636,000 in 2021, marking an increase of about 46.7%[9] - Profit for the period from continuing operations was HK$32,063,000, significantly higher than HK$22,107,000 in the same period last year, representing a growth of approximately 45.0%[9] - Basic earnings per share from continuing operations rose to 2.41 HK cents, compared to 1.66 HK cents in 2021, reflecting an increase of approximately 45.1%[9] - Total comprehensive income for the period reached HK$31,661,000, compared to HK$23,495,000 in the same period last year, reflecting a growth of 34.8%[14] - Profit for the period increased to HK$32,063,000, up 42.5% from HK$22,455,000 in the previous year[14] Cash Flow and Assets - Cash generated from operating activities was HK$62,581,000, with net cash generated from operating activities amounting to HK$61,905,000, compared to a net cash used of HK$27,191,000 in the previous year[30] - The company reported cash and cash equivalents at the end of the period of HK$209,342,000, an increase from HK$144,657,000 at the end of June 2021[30] - Total assets as of June 30, 2022, amounted to HK$903,398,000, slightly up from HK$901,633,000 as of December 31, 2021[20] - Total equity increased to HK$654,765,000 from HK$623,104,000, representing a rise of 5.1%[20] - The company’s retained earnings increased to HK$460,779,000 as of June 30, 2022, from HK$428,716,000 at the beginning of the year[26] Liabilities and Equity - Current liabilities increased to HK$90,119,000 from HK$87,736,000, reflecting a rise of 2.0%[20] - Total liabilities decreased to HK$248,633,000 from HK$278,529,000, a reduction of 10.7%[20] - Trade payables decreased significantly to HK$36,745,000 as of June 30, 2022, down from HK$56,604,000 at the end of 2021, indicating improved cash flow management[94] Strategic Initiatives and Market Outlook - Future outlook remains positive, with plans for market expansion and potential new product developments[9] - The company continues to explore strategic initiatives to enhance its competitive position in the market[9] - The Group's competitive advantage in supplying pipes and fittings immediately to meet customers' needs contributed to revenue growth during the period[133] - Key projects included the redevelopment of Queen Mary Hospital and Tai Po Area 9 public housing, indicating strong market presence in Hong Kong and Macau[134] Related Party Transactions - The Group's related party transactions are exempted under Rule 14A.76 of the Listing Rules, ensuring compliance with regulatory requirements[114] - The Group entered into a new consultancy agreement with a company wholly-owned by Mr. Lai for HK$373,000 per month, effective from April 1, 2022[118] - The total rental payment to a related party for a car license was RMB12,000 (approximately HK$14,800) per month[114] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the period[162] - The audit committee has reviewed the accounting policies and financial reporting matters with management[162] - All Directors confirmed full compliance with the required standards set out in the Model Code throughout the six months ended 30 June 2022[163]

Financial Performance - The Group's revenue from continuing operations was approximately HK$682.2 million for the year ended December 31, 2021, representing a 37.2% increase compared to HK$497.3 million in 2020[11]. - The gross profit margin from continuing operations was approximately 29.7% for the year ended December 31, 2021, up from 28.3% in 2020[11]. - Profit attributable to equity holders from continuing and discontinued operations was HK$62.3 million for the year under review, a significant increase of approximately 208.4% over HK$20.2 million in 2020[11]. - Basic earnings per share from continuing operations was HK4.64 cents, compared to HK2.30 cents in 2020[11]. - The Group's revenue increased from HK$497.3 million in 2020 to HK$682.2 million in 2021, representing a growth of 37.2%[13]. - The net profit attributable to equity holders of the Company was HK$62.3 million, a substantial increase of 208.4% compared to HK$20.2 million in the same period of 2020[13]. - Demand for pipes and fittings recorded an uplift in revenue by 37.2% in 2021, driven by the Hong Kong Government's commitment to supply more public housing[13]. Operational Changes - The Group disposed of its biomass pellet fuel products segment, which is presented as a discontinued operation[11]. - The core business of trading pipes and fittings continues to be presented as a continuing operation[11]. - The Group's strategic focus remains on enhancing its core business while managing discontinued operations effectively[11]. - Future outlook includes potential market expansion and new product development initiatives[11]. - The company aims to leverage its improved financial performance to explore further growth opportunities in the market[11]. Cost Management and Financial Position - The Group maintained adequate financial liquidity to meet working capital and cash flow requirements amid uncertainties and a competitive environment[14]. - The ongoing COVID-19 pandemic, higher operating costs, and raw material prices are expected to put pressure on profit margins in the coming year[13]. - Selling and distribution costs from continuing operations increased by 30.1% year-on-year from HK$16.6 million in 2020 to HK$21.6 million in 2021[36]. - General and administrative expenses from continuing operations amounted to approximately HK$108.6 million in 2021, representing an increase of about 7.5% year-on-year from HK$101.0 million in 2020[36]. - Finance costs from continuing operations were HK$5.8 million in 2021, a decrease of about 15.9% from HK$6.9 million in 2020[37]. - The Group recorded net finance costs of HK$1.2 million in 2021, compared to a net finance income of HK$1.4 million in 2020[37]. - As of December 31, 2021, the Group's cash and bank balances were approximately HK$208.1 million, a decrease from HK$225.1 million in 2020[44]. - Total borrowings stood at approximately HK$56.0 million as of December 31, 2021, down from HK$57.0 million in 2020, with all borrowings maturing within one year[44]. - The gearing ratio was approximately 8.9% as of December 31, 2021, compared to 10.2% in 2020[44]. Corporate Governance - The Company is committed to maintaining high standards of corporate governance, ensuring timely, transparent, effective, and reasonable policies and practices[74]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[88]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2021[76]. - The Board is responsible for formulating overall strategy and policies, monitoring performance, and approving financial accounts and annual budgets[88]. - Each independent non-executive Director has made an annual confirmation of independence, meeting the guidelines set out in the Listing Rules[85]. - The Company has a structured induction program for newly appointed Directors to ensure understanding of business operations and responsibilities[95]. - The Company has established specific written terms of reference for all Board committees to clarify their authorities and duties[112]. Risk Management - The Group has established a risk management system that is reviewed at least annually to identify, evaluate, and manage significant risks[145]. - The Audit Committee conducted an annual review of the effectiveness of the Group's risk management system and internal control system for the year ended December 31, 2021, and found them to be effective and adequate[152]. - The Board has engaged an independent professional advisor to perform ongoing monitoring of the risk management and internal control review, assessing the effectiveness of financial, operational, and compliance controls[150]. Employee Relations and Corporate Social Responsibility - The Company provides medical insurance coverage and benefits to employees, emphasizing their well-being and health[195]. - Employees are considered one of the most important assets, and the Company promotes self-improvement and advancement opportunities[195]. - The Group is committed to promoting sustainable development in both the environment and society[191]. - Bun Kee (International) Limited, a core business company, actively participates in community service activities and has received the Caring Company logo for its corporate social responsibility efforts[191]. Shareholder Communication - The Company has adopted a Shareholder Communication Policy to ensure timely communication of the latest information to shareholders and investors since March 2012[173]. - Voting at general meetings is conducted by poll, with results posted on the Company's and Hong Kong Stock Exchange's websites on the same day[182]. - The Company maintains a dedicated investor relations website and email for inquiries, ensuring transparency and accessibility of information[184]. - Shareholders are encouraged to participate in general meetings or appoint proxies to vote on their behalf[178].

SPI 冠力國際 冠 力 國 際 有 限 公 司 Softpower International Limited (於百慕達註冊成立之有限公司) (Incorporated in Bermuda with limited liability) 股份代號：00380 Stock code: 00380 t ANNUAL REPORT **2020 Contents 目錄 2 Corporate Information 公司資料 5 Chairman's Statement 主席報告 8 Mission and Strategy 使命及策略 9 Management Discussion and Analysis 管理層討論及分析 13 Biographical Details of Directors and Senior Management 董事及高級管理人員之履歷 18 Corporate Governance Report 企業管治報告 35 Report of the Directors 董事會報告 56 Independent Auditor's Report 獨立核數師報告 65 Consolid ...